Ep 68. Shipwrecked

In the seventh season of American Greed, one of the episodes, Shipwrecked, tells the story of a man named Kirby Martensen who scammed hundreds of thousands of dollars from investors. Kirby was a former stockbroker and had a master's degree in business administration. He used his education and experience to create a Ponzi scheme that left his investors broke.

Kirby's scheme started in the early 2000s when he started asking investors to give him money to buy diamonds. He claimed that he had a unique method of buying diamonds that allowed him to sell them for a profit. Kirby promised his investors high returns on their investments and the safety of their money. He said that the diamonds were a safe investment because they were a tangible asset and would always have value.

Kirby was convincing and soon had a lot of investors. He used his charm to lure in more and more people, and the word of the high returns that he offered quickly spread. People trusted him with their money and invested everything they had. Some even took out loans to invest in Kirby's scheme.

However, Kirby was not using the money to buy diamonds. Instead, he was using the funds to pay off earlier investors and to fund his lavish lifestyle. He bought a yacht, a million-dollar home, and expensive cars. He even spent $100,000 on a wedding for his daughter.

Kirby's scheme eventually fell apart, and many investors lost everything. Some lost their homes, their life savings, and their retirement funds. Kirby was eventually caught, and he was charged with multiple counts of fraud. His trial lasted three weeks, and he was found guilty on all charges.

Shipwrecked is a chilling episode that shows how a charming man can easily deceive people out of their money. Kirby Martensen was able to scam hundreds of thousands of dollars from his investors, leaving a trail of devastation in his wake. The episode serves as a reminder to always be cautious when investing money and to never put all of your eggs in one basket. It also highlights the importance of doing your research before investing and never trusting someone blindly, no matter how convincing they may seem.