A jury convicted 56-year-old Terry Spirk on fraud and other charges. Prosecutors are saying he convinced investors, including some from the stateline area, to sink money into a company that wasn't capable of paying any returns on their investments. Now, he is looking at 70 years in prison and nearly $3 million in fines.
Prosecutors say he was an equal opportunity scammer, but he focused on seniors. Dennis Horton of the Better Business Bureau says they are a common target for scam artists.
"They've retired, they have more disposable income, they've socked away money for their retirement. The elderly are also living longer so they're looking for ways to make their investments that they currently have grow," Horton says.
Horton encourages us to check before doing business with anyone. He also says trust your gut instinct when it comes to doing business.