American Greed Episode 69: Randy Treadwell: The Wealth Builder Club

Case File

Randy Treadwell: "The Wealth Builder Club"

  • Randy Treadwell, the son of a preacher, leaves the righteous path- claiming he's a financial wizard, but all he does is take investor money for himself and his crew. He uses his Southern charm to bilk believers out of nearly $65 million. He calls his scams legitimate sounding names like "Learn Waterhouse" and "The Wealth Builders Club" in which Treadwell promises huge returns for short-term investments. But when clients can't withdraw their money, complaints to law enforcement pile up. See how the FBI steps in with a hidden camera investigation to hear all of Treadwell's lies and bring him to justice.


  • Helping Out the Little Man

    Randy Treadwell and his salesmen take their show on the road to bring in big investors and widen their net -- their sales pitch sounds too good to be true, or too good to pass up. Hundreds take the bait as undercover video reveals the lure.

  • When the Feds Come Knocking

    Randy Treadwell and his crew bilk 1,700 investors across the country out of close to $65 million. They stay a step ahead of law enforcement and angry investors, but their lavish lifestyles lead to the Ponzi scheme's final flameout.

  • In June 2004, FBI agents recorded Randy Treadwell, Rick Sluder, and Larry Saturday discussing their learn Waterhouse scam at length.

  • In June 2004, Larry Saturday makes big promises to an FBI informant, including a 500 percent investment return guarantee.

  • Randy Treadwell’s ventures changed names throughout the years, and so did his pitches. Read how Treadwell enticed the public to invest in Qwest International, Wealth Builders Club and Learn Waterhouse.

  • As word spread that Learn Waterhouse was under investigation, some of its “true believers” called Senior Member Representatives spread the word by email, encouraging investors to stonewall the authorities.