15 victims lost $8 million in scam involving discounted bonds

MILWAUKEE (WITI) -- How would you like a deal that's guaranteed to make money? That's a question FOX6's Contact 6 says should be a warning sign!

"The victims were enraged. They were upset because they trusted him and they thought he was actually making the trades and investing the money in what he promised them," U.S. Postal Inspector Lisa Cummings said.

Cummings is talking about Robert Tringham. In 2011, he promised investors he would deposit their money into an account and the funds would be used as leverage to buy bonds at a discounted rate.

"The whole business was a fraud. The trades actually never took place. In reality, their money was pulled into one central account, and he used the money to purchase a home, diamond bar, and luxury vehicle," Cummings said.

Specifically -- a luxury home in a gated community and a Land Rover for his girlfriend.

15 victims lost $8 million.

"The victims lost a lot of money. They trusted him and they were deceived by him," Cummings said.

Some advice from Postal Inspectors: Thoroughly check out the person you're trusting with your hard-earned money before you invest.

"Even if you had Googled his name, he was previously convicted in the U.K. for forgery and deception, so he had a criminal history prior to starting up this scheme in the U.S.," Cummings said.

Tringham was sentenced to 13 years for mail fraud and destruction/falsification of records. He was ordered to pay more than $2 million in restitution.