American Greed Episode 38: Financial Guru Gone Bad

Case File

Financial Guru Gone Bad

  • The Real Estate Guru
  • Troy Titus preaches the gospel of easy money in real estate. He claims to be all things to all people. If you've got some assets to invest, he promises to make you rich. If you're broke, he can make you whole. But Titus is weaving a tale of deception.
  • The Victims
  • Teddy Riley believes in Troy Titus. Riley is an award winning record producer. He's worked with Michael Jackson and the hit group "Blackstreet." But, by 2005 Riley owes millions and creditors put a lien on his house. He believes Titus can help him with a bailout plan.
  • The Scam
  • Titus cuts deals left and right. Unknown to his clients, he's applying a unique process he calls "controlled foreclosure" -- a complicated way to acquire real estate. Titus is using other people's cash, credit and collateral to make himself rich.

Web Extras

  • American Greed: Financial Guru Gone Bad

    His pitch is irresistible. Troy Titus promises to make you rich. The self-proclaimed real estate guru travels the seminar circuit. Thousands attend his lectures, buy his DVDs and invest with the man who portrays himself as a moneymaking magician. Titus makes money disappear in a multi-million dollar Ponzi scheme!

  • A few new scams and rip-offs were added to the  annual list of the top 10 scams and rip-offs in 2010, primarily due to high unemployment and tough economic times, according to Stephen A. Cox, President and CEO of the Council of Better Business Bureaus. “With the economy still on the mend, scammers had a field day targeting struggling families who were looking for work and trying to make ends meet,” he said.The annual report, based on inquiries and complaints filed at Better Business Bureau locat

    Following, in no particular order, is BBB’s list of schemes that took advantage of consumers and small business owners across the country. Click to see the top 10 scams and rip-offs for 2010.

  • American Greed: Real Estate Guru

    Self-proclaimed real estate guru Troy Titus conned clients in a multi-million dollar Ponzi scheme. His victims included award winning music producer Teddy Riley. Riley says it wasnâ??t the first time he was tricked.

  • American Greed: Real Estate Con Man

    Troy Titus lectured on the real estate seminar circuit. Thousands attended his lectures and bought his DVDs. He even tried to start his own TV show. But unknown to his clients, Titus was a con man running a Ponzi scheme.

  • A copy of the promissory note Troy Titus issued to Lonnie Scruggs when Scruggs loaned him $500,000 in 2004. (Source: Lonnie Scruggs)

  • This document outlines the services Troy Titus peddled at real estate investment seminars as well as their cost. (Source: Contributed Document)