I Lost All Of My Brother's Money In A Scam

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 16 October 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.7	I'm 68 years old and six months ago I got involved with an online investment group.
0:12.4	I eventually borrowed $50,000 for my brother. He invested 110. I retired from my company.
0:19.8	I took out all my 401k and pension. And last month, they ghosted us and
0:26.9	closed our accounts, and we lost it all. I lost $487,000. My brother lost the 50 I borrowed and the 110.
0:34.0	He invested. And my brother would like his money. Oh boy.
0:37.9	And I have a house that's paid off.
0:40.9	I live in Texas, so I have a homestead on it.
0:43.7	I have a $30,000 loan from American Express.
0:47.0	So I'm wondering, do I file bankruptcy?
0:49.1	I tried to get a reverse mortgage, but my house, my husband died so my house is not
0:53.8	in good
0:56.2	enough condition.
0:57.6	I'm just lost.
0:58.9	Okay.
0:59.5	Oh, absolutely.
1:00.7	Not only you lost, I'm guessing you're just emotionally stunned, you know, that's, it's an
1:05.9	unbelievable, yeah, I'm so sorry.
1:08.8	Is this scam still out there?
1:13.4	Um, I'm so sorry. Is this scam still out there? It probably is.
1:15.0	I filed with FBI and all the agencies, but they didn't have a whole lot of hope for me.
1:21.3	Yeah, it's rare that in these situations you get your money back.
	...

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