This is the American Greed podcast presented by CNBC. I'm Stacey Keach.

In this episode of American Greed, hey everybody, James the Cash King here.

Investment advisors James Duncan and Hendricks Money Castro claim to have the tools to make

investors rich. We're the 1%, they're the 99%, all the sheep go to Bank of America.

All the stallions come work with us.

But the home purchasing program they promote leaves investors on the hook for more than $100 million of debt.

That wasn't financial freedom, but it was financial chaos.

While clients faced foreclosure and bankruptcy, this slick-tonged duo burned through nearly

$30 million of their money.

That's not bad. Visionary entrepreneur James Duncan is a man with a heart of gold.

Or so he says.

I care about what you want in life.

And I want to talk to you and find out what you want.

And I will run through a brick wall

to make sure that I do everything in my power to help you get what you want.

More like get what he wants. By the time law enforcement catches up to him in 2008,

he has masterminded a $125 million investment scheme that victimizes hundreds of investors.

But this story begins under the sunny skies of Southern California in 2003.

When he and a friend named Hendrix Monte Castro turned this modest two-story house in Murrieta

into a company called Pacific Wealth Management, a name also used by a legitimate company in San Diego that has nothing to do with the scam.

The plan? Convince investors that they can find hidden treasures that no one else can see.

We are a counterintuitive organization.

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