them. it's a pretty hard lesson that, for all the celebrity worship and the whole hollywood limelight, that that limelight, as it were, can be turned off very quickly. >> narrator: in this episode of "american greed"... maurice michael mccant is a convicted bank robber who claims he's gone legit. >> mccant carried himself as somebody who was legitimate. he had the swagger of a rap promoter. >> narrator: mccant offers 30% returns on investments in his rap-concert-promotion business... >> he actually said to them, "you can stop the bleeding that you're suffering in the market if you invest with me." >> narrator: ...and investors are forking over their entire nest eggs. >> i liquidated my i.r.a., and it was to the tune of a million dollars.

>> it was to the tune of $1 million. >> narrator: san francisco... february 28, 1994... on ocean avenue, the driver of an armored car is returning to his truck, carrying a bag of ca ♪a ♪ >> san francisco, february 28, 1994 the driver of an armored car is returning to his truck carrying a bag of cash. a man jumps in front of him pointing a gun give it up he says the driver is not about to as the robber pulls the gun and begins to fire, the driver returns fire he gets off nine rounds. the robber gets down the block before collapsing. he's been shot five times. he survives. then he's packed off to prison for six years.

his name is maurice michael mccann. >> he had been arrested for a number of bank robberies went to prison for a while. >> when the wounds heal and he's released, he decides his days as a street thug are over is he going straight no way he figures he can steal more money with a pen than with a gun. >> i'm assuming that at some point he realized there's less risk and more reward to be gained from white collar he certainly won't have anybody shooting at him. >> in the outskirts of san francisco, bernice saved enough money to retire at age 45. he thrift she says was instilled by your parents.

>> pay yourself. it's not what you make, it's what you do with what you make if you get a quarter, save a nickel overachieving, i saved a dime. >> she is sitting on over $1 million. she's introduced to maurice who presents himself as a ceo. >> his core business was introducing and promoting new rapper rappers, which i'm out of the age range for rapping. >> tingle meets mccann in one of san francisco's most prestigious hotels >> he was dressed almost like a rapper, jewelry and all this stuff, the bling bling the waiters were falling over him. everyone knows me. i'm doing well

i have the city under tow. >> mccann shares articles written about him in rap industry magazines. >> he would be center fold of different artists he was working with this man was even working with don king supposedly. >> to the investor, mr. mccann looks like the real deal, like he's some funds that were needed just for some last-minute advertisement. >> narrator: mccan legits go >> mccant makes an offer. >> there was a concert that has been advanced and there were funds that were needed for last-minute advertisement. >> he makes good on his promise. in oakland word about mccant is spreading. people like this woman we'll

call vera. >> i've never spoken about this. i think it's out of embarrassment and shame. >> like bernice, when vera meets mccant she's retired. >> i worked really hard and i managed to retire early because i had done such a good job in saving money, sacrificing. >> vera says when she hears mccant's pitch at the hotel, she's skeptical. >> i even questioned him when he said he can get a 30% return he said i can make 100% and it's fair you get 30% >> vera's friends have made money and she gives it a try, investing about $50,000. several weeks later mccant's driver brings her back to the

hotel. he gives me money in cash. i said why are you giving me cash money he said that's what i do. >> the cold cash eases her skepticism next on "american greed" mccant moves in for the kill asking his investors to go all in >> i liquidated my ira. you might have heard of carvana and that we sell cars online. we believe buying a car should be something that gets you hyped up. and that your new car ought to come with newfound happiness and zero surprises.

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♪ ♪ >> billionaires. [ laughter ] >> this is a track produced by a former convict turned music promoter ♪ billionaire cash, mixed tape, volume i ♪ >> sounding and looking like a music industry player maurice michael mccant has set the hook, paying investors 30% returns in his rap concert promotion business now according to robin harris, he's ready to reel them in. >> he was a smooth talker and seemed to have a knack of knowing how to move his victims to part with money. >> he would determine the weakness of an individual. he would target that weakness. >> they come at you with i can

identify with you, sister. you're taking care of your mother i have a mother too. >> at this point bernice tingle invested less than $100,000 with mccant his biggest concern is her mother. >> my mother was here a long time up until the last six months of her life she was still getting around very good i thought she's going to be around a long time and i want to be able to take care of her and have the funds available i was my mother's long-term care plan. >> tingle feels a financial squeeze. health care costs are sky rocketing while her retirement account is tanking. >> it was all timing the market was declining 2007 is when things started to get bad. >> he said to them, look, you can top the bleeding with your suffering in the market if you invest with me. >> he would mention it all the

time how's your investment in the market going not well. >> his pitch would be i made you a good return on the smaller investment why don't you liquidate your retirement accounts and invest those funds with me and i'll give you a significant return on that as well it's safer to invest with me than have it in the stock market. >> the pitch works bernice tingle liquidates her retirement account and other savings worth a little more than $1 million and hands the proceeds to mccant vera does the same her ira is worth about $600,000. she says she immediately feels buyer's remorse. >> it was scary. it was like i think i realize what i've done and i even talked to him about it. i said what if you get hit by a truck? >> despite her misgivings things

go fine for a while. every months investors are paid a dividend based on a 30% annual return. >> the return he promised, he gave it to me. >> but he seems less attentive. >> i would ask questions where are these concerts i would like to follow them. he said some were international. when you got into the conversation about how are you doing in the business, i got to get off the phone quick. i'm taking care of my family. >> when "american greed," when tingle wants to refinance her home, she asked for financial statements from mccant. >> the thing took all the blood out of my system it was faxed to me from kinkos. >> it gets worse.

>> he fails to show up to a meeting with vera. >> that scared the hell out of me he didn't show i said where in the h-e double tooth picks are you? >> we'll be right back we're carvana we created a brand new way for you to sell your car go to carvana answer a few questions and our techno wizardry calculates your car's value and gives you a real offer in seconds we'll come to you pay you on the spot then pick up your car that's it at carvana

>> narrator: though he holds court in a fancy hotel, maurice michael mccant lives in this drab rental. and those magazine articles -- the ones that make him out to be a major industry player? they aren't actually articles at

all. >> what we found through our investigation is most, if not all of the magazines, the content in them was provided by mccant. so he basically directed what was gonna be written in the magazines, provided the pictures, and paid for it to be published. >> and he throws around these names as if he actually has connections with jay-z and beyoncé and lil' kim. >> it's relatively easy to get your picture taken with somebody famous or somebody who has credibility. what that doesn't mean is that you have any type of business relationship. >> narrator: and there are other warning signs. when tingle wants to refinance her home, she asks for financial statements from mccant. >> when i got the letter, it was faxed to me. and the thing that probably took all the blood out of my system is when it was faxed to me and it was faxed from kinko's. >> narrator: it gets worse. both bernice and vera have signed contracts that their entire principal is to be

returned after two years. >> at this point, it's getting about to the time that my contract time is up, so i'm looking for all my funds back, and it just wasn't happening. >> narrator: instead of money, mccant has nothing but excuses. in late 2008, he fails to show up at a meeting with vera, where he is supposed to return some of her money. >> now, that scared the hell out of me. he didn't show. and i called him, and i said, "where in the h-e 'double toothpick' are you?" "oh, my goodness! i got hung up. could you come back tomorrow night?" >> narrator: the next day, they arrange to meet again. >> so when we met -- "where is my money?" "oh," he said. "i didn't know you wanted it now." >> mccant was a master storyteller. he had an explanation for everything, and one of his big stories was that he was expecting a $20 million settlement from a lawsuit and that, as soon as the $20 million

settlement came in, the victims would get their money back. >> i asked him where was the court hearing on that, and he said it was going to be in southern california. and i have a daughter who lives in southern california. i had her checking court dockets of everything in southern california. nothing came up. >> narrator: next on "american greed"... if mant thinks white-collar crime is easier than robbing armored cars, he hasn't yet suffered the wrath of an angry investor. >> i said, "stop blowing smoke up my ass. i want my f'ing money." and i'd be cussing like a i want my f'ing money." and i'd be cussing like a drunken sailor.

hey, did i tell you i bought our car from carvana? i want my f'ing money." and i'd be cussing like a drunken saiyeah, ma. it was so easy. i found the perfect car under budget too! and i get seven days to love it or my money back... i love it! [laughs] we'll drive you happy at carvana.

>> narrator: in san francisco, former bank robber maurice michael mccant now rips off little old ladies. why? another bank robber, willie sutton, may have said it best -- "because that's where the money is." >> mr. mccant, he's a smart guy. he knew that. he knew these people had money, and those were the people that he targeted. >> narrator: bernice tingle receives monthly annuity payments from mccant, based on her investment of more than one million dollars. >> so for a little over a year, monies were coming in like they were supposed to and allowing me to sustain. and then it was cut off. and then i was just left there. >> at some point, his bank accounts dried up, and when investors stopped receiving their money, they realized that they might be in trouble. and that's when they came to the fbi. a lot of times with white-collar cases, we'll see a sophisticated money trail. but we didn't really see that with this case.

>> mccant spent almost all of the money. there was virtually nothing left. he spent it -- as soon as it came in the door, it went out the door, and usually for himself -- restaurants, hotel bills, airfare, jewelry. >> narrator: as the fbi learns the truth about mccant's scheme, investors begin to doubt mccant's story that he's a changed man. >> and you know what i'm convinced of now? once a criminal, always a criminal. and going to jail, many times, it only allows you to hone your craft. you only become better at conning. >> narrator: bernice tingle sought big returns from mccant's scheme in part to ensure she had enough money to take of her elderly mother. in an ironic twist, investors learn that caring for the elderly is indeed important to michael mccant. >> and i said, "another thing, your mama is in a nursing home in new jersey, and i hope to hell you ain't using my money to

pay her stay!" "oh, no! i would never do that." >> we did see amounts of victim money going to fund his mother's nursing-home bills. unfortunately, those are monies that can't be recovered. it's been spent, and that money's gone. >> narrator: on march 21, 2011, mccant is arrested. he agrees to sit down for an interview with special agent nixon and admits that the image he presented to investors of the successful music promoter is drastically at odds with reality. >> we asked him if he had put on any concerts, and he did not tell us of any that he had put on. >> we saw no money going to anything that would have been a legitimate concert promotion. >> eventually, the interview was ended, and we took him to jail. >> narrator: it's curtains for the show that never was. mccant is indicted and charged with four counts of wire fraud.

over four years, he stole more than $2 million from 15 investors. >> the evidence against mr. mccant was very strong. he was basically dead to rights and realized that, and he did plead guilty and basically acknowledged every fact in the indictment. >> narrator: mccant is sentenced to just under four years in prison, a punishment that his victims feel will never match the pain they've suffered. bernice tingle lost more than one million dollars of hard-earned savings. and then the cherry on top -- when individual retirement accounts are cashed out, substantial tax penalties accrue. mccant promised he'd pay that liability. of course, he didn't, and tingle gets two tax bills -- one from the state of california for $127,000 and one from the i.r.s. for $487,000. tingle says the bills bring on

an anxiety attack that sends her to the hospital. >> i will probably go to my grave -- even if i live to be as old as my mother, i will never be able to meet that tax obligation. >> narrator: the federal government has forgiven a portion of her tax liability because it was a theft loss. >> the state is not looking at it that way. so that bill continues to tick, tick, tick, tick, tick. >> mccant preyed on people, and he betrayed their trust. these people were trusting, hardworking, law-abiding people who trusted mccant and he violated that trust and that's something you can never get back. >> narrator: vera lost more than $800,000 of savings. in the wake of her loss, she struggles to control her anger. >> sometimes i feel so angry that i have to pop a baby aspirin 'cause i'm feeling like i'm gonna explode in the neck...

the head... the chest. i don't know how to get rid of the pain. i don't know how. >> this is a paid advertisement for csn. >> you know, the one thing you can count on in numismatics, which is the hobby of collecting coins, is that the pace of change, or change, is glacial. [ chuckling ] okay? we would hope from the -- oftentimes, as numismatists in a hobby and in a profession, we hope for a snail's pace from the united states mint. nothing is done quickly. nothing is done without forethought.