Investments are vital for long-term financial health. People that invest their money wisely can grow their wealth and retire comfortably. Everyone should invest their money, but many people do not know how to invest their money. These people usually hire investment experts to help them grow their wealth. Unfortunately, sometimes these experts take advantage of their customers. Recently, a man in Scottsdale was caught scamming women around the area.
Daylon Pierce came up with a scheme to separate women from their wealth. Daylon would meet women through an online dating site. During the dates, he would tell women that he could make them wealthy.
Pierce told every woman he dated that he was a stockbroker. He claimed to run his own company, Credit Investment Group. The company was registered with the Arizona Corporation Commission and was located on their site.
Pierce told women that he could make them $25,000 easily, but rather than invest their money, Daylon chose to use the funds on his own luxurious lifestyle. Daylon never invested a dime of the money in the stock market.
While Pierce was not an expert investor, he clearly was brilliant at manipulating women. Every victim reports that they thought he was telling them the truth. One woman reported that she gave him her entire life savings, even liquidating her 401k. This woman gave him for than $90,000. She even took a loan out to increase her investment.
Another woman gave Pierce more than a $100,000. Half of her investment was a loan that she was hoping would lead to her being able to pay off her debts.
The Arizona Corporation Commission investigated the Credit Investment Group. They discovered that the address the company had filed with the commission was actually a vacant home. No one in the area had ever seen Daylon Pierce.
Investigators recently arrested Pierce. Pierce quickly posted bond and he was released from jail. Officials believe that the money was used to help traffic drugs.
Daylon has a long history as a criminal. Pierce served a thirteen month sentence in prison. The sentence was in place for theft, trafficking, and gang activity. Current records indicate that Pierce was on probation for embezzlement as well. Given Daylon’s criminal history it should come as no surprise that he would participate in this scheme.
Investigators have even looked into his actions on social media to explain this incident. Pierce used his prison uniform in a profile picture on his MySpace account. Investigators currently believe that there are more victims out there. They are urging any women that went on a date with Daylon Pierce to please step forward and leave a statement.
The Daylon Pierce case is a reminder to people throughout the United States that anyone can be a victim of investment fraud. You should be extremely cautious when hiring someone to manage your money. Ideally you would only work with advisers that had a reputation or choose to work with an established firm. If you feel that something suspicious is going on with your money, then you should immediately report it. You may save yourself and others hours of heartache.
Daylon Pierce will be prosecuted to the fullest extent of the law. Hopefully, he will think twice before manipulating people into giving him money in the future. Many women learned the hard way that they should not trust him.