Our founder and President, R. Lee Walters, was interviewed on KOAA News, Colorado Springs, Colorado regarding a nationwide scam and how to protect yourself. See it HERE
Our founder and President, R. Lee Walters, interviewed on KOAA in Colorado Springs, Colorado3/11/2025
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Voice Cloning Scams: How to Recognize and Defend Against This Emerging Threat At EXCALIBUR Private Investigation are investigators are constantly staying on top of the latest scams that could potentially affect our clients. In the age of Artificial Intelligence (AI), advancements in technology have brought about both incredible opportunities and alarming threats. One of the most recent and concerning trends is voice cloning scams. With AI-based tools capable of mimicking human voices with astonishing accuracy, scammers are finding new ways to exploit this technology for financial gain. This article explores how voice cloning scams work, the potential dangers they pose, and practical steps you can take to protect yourself and your loved ones. What Are Voice Cloning Scams? Voice cloning is a form of AI technology that captures and reproduces a person’s voice using a few samples of speech. With just a short audio recording, AI tools can generate a replica of a person’s voice, complete with intonation, pitch, and cadence. Scammers use this technology to impersonate individuals—often family members, friends, or business associates—in an attempt to trick people into sending money or disclosing sensitive information. In a typical scam, a victim might receive a call from what sounds like a loved one in distress, urgently asking for money or help. Here’s a real-world example:
The Threats and Risks of Voice Cloning Scams Voice cloning scams pose several unique threats: 1. Emotional manipulation: Scammers exploit emotions by mimicking voices of loved ones in distressing situations. This makes it difficult for victims to think clearly before responding. 2. Identity theft: Beyond immediate financial loss, voice cloning can contribute to broader identity theft. Scammers may use the cloned voice to access bank accounts, healthcare records, or other sensitive personal information. 3. Financial losses: Victims may be coerced into sending large sums of money via wire transfers, cryptocurrency, or other untraceable payment methods, making recovery difficult. 4. Reputational damage: In business settings, voice cloning can be used to impersonate executives or employees, leading to fraudulent transactions or tarnished reputations. How to Protect Yourself from Voice Cloning Scams While the technology used in these scams is sophisticated, there are several ways to guard against falling victim to a voice cloning attack. 1. Be skeptical of urgent requests for money: If you receive a distressing call from a friend or family member urgently requesting money, take a moment to pause and verify the situation. Scammers rely on a victim’s emotional reaction to make decisions quickly.
2. Establish a family code word: Create a secret family code word or phrase that is shared only with close family members. If anyone calls claiming to be in an emergency, you can ask for the code word. If they don’t know it, you’ll know it’s a scam. 3. Limit voice recordings posted online: Be cautious about how much of your voice is publicly accessible. Scammers often use recordings from social media platforms, podcasts, or other publicly shared media to generate clones. Limit the amount of personal voice content you post, especially on unsecured platforms. 4. Utilize multi-factor authentication (MFA): For any account or service where your voice may be used for verification, consider using multi-factor authentication. This adds an extra layer of security, requiring not only your voice but also another form of identification, such as a code sent to your phone or an email verification. 5. Use verification services: Some companies provide services that can verify the authenticity of voice calls. These systems analyze a voice for digital manipulation and can help prevent cloning attacks in high-risk environments, such as financial institutions or corporate settings. 6. Educate and spread awareness: Make sure your family and friends are aware of voice cloning scams. Discuss the risks and share practical prevention methods. The more people understand this threat, the harder it becomes for scammers to succeed. 7. Stay informed: As AI technology evolves, so do the scams that use it. Stay updated on new tactics and tools that scammers are using and be proactive in adjusting your security measures. What to Do if You’re a Victim If you suspect you’ve been targeted by a voice cloning scam:
Conclusion Voice cloning scams represent a new frontier in cybercrime, leveraging advanced AI to manipulate victims emotionally and financially. By being vigilant, implementing safety measures, and staying informed, you can reduce your risk of becoming a victim. While AI has the potential to transform many industries, it’s crucial to recognize and prepare for the darker side of technological advancements. The best defense against these scams is awareness and skepticism. Stay cautious and make it difficult for scammers to exploit your trust. If you’ve been contacted by a family member, but something doesn’t seem quite right. Contact one of our investigators at EXCALIBUR Private Investigation and let us access the situation. We have professional private investigators available in Florida, Colorado, New Mexico and South Carolina. You can call us at one of our convenient telephone numbers or fill out our contact form on the website. About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
The Rise of the Photo Threat Scam: A New Tactic in Digital Extortion In the ever-evolving landscape of digital scams, a new and insidious tactic has emerged, targeting unsuspecting individuals with threats involving photos. At EXCALIBUR Private Investigation we're averaging about 5 calls a week from victims, and potential victims, of this scam. The scam involves scammers sending explicit or compromising photos to an unknown party and then threatening to report these photos to law enforcement if the victim does not comply with their demands claiming that they are of an underaged minor, usually female. This scam not only exploits the fear and vulnerability of individuals, but also highlights the increasing sophistication of cybercriminals in the digital age. How the Scam Works The scam typically begins with the victim receiving unsolicited messages from an unknown number or social media account. These messages often include explicit or compromising photos that the victim doesn't recognize. The scammer then claims that the photos are of a minor and threatens to report them to law enforcement or publicly expose them unless a ransom is paid. In some cases, the scammer may also threaten to send the photos to the victim's family, friends, or employer, adding further pressure to comply with their demands. The Psychological Impact One of the most troubling aspects of this scam is the psychological impact it can have on victims. The fear of being falsely accused of a crime or having one's reputation tarnished can be overwhelming. Victims may feel trapped, isolated, and unsure of where to turn for help. The scammers exploit these emotions to their advantage, creating a sense of urgency and desperation that can lead victims to comply with their demands without seeking proper assistance or verification. Protecting Yourself from Photo Threat Scams
Raising Awareness Public awareness is crucial in combating this new wave of digital extortion. By educating individuals about the tactics used by scammers and encouraging them to report suspicious activity, we can collectively reduce the effectiveness of these scams. Community organizations, schools, and workplaces should consider hosting workshops or informational sessions to inform people about the risks and preventive measures associated with digital scams. Conclusion The photo threat scam is a stark reminder of the lengths to which cybercriminals will go to exploit and manipulate individuals. By staying informed, vigilant, and proactive, we can protect ourselves and our communities from falling victim to these malicious tactics. Remember, the key to combating digital scams lies in awareness, education, and a united front against cybercrime. If you have any questions about this scam, or any other issue you're looking for help with, contact one of our experienced private investigators at 352-509-8900, 719-208-4088, 505-208-6400 or 803-806-7800 or fill out our contact form located under the Contact tab of our website. About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
The Importance of Law Enforcement Experience when hiring a Private Investigator In the realm of private investigation, possessing law enforcement experience can be a critical asset. Private investigators (PIs) are often called upon to solve complex cases that require a unique blend of skills, knowledge, and intuition. These attributes are honed through years of experience in law enforcement which EXCALIBUR Private Investigation possesses. This article explores the various reasons why having a background in law enforcement is invaluable for private investigators, covering aspects such as expertise, credibility, networking, and ethical standards. Expertise and Skillset One of the primary benefits of law enforcement experience is the expertise and skillset that former officers bring to the table. Law enforcement professionals are trained extensively in various aspects of investigation, including surveillance, interrogation, evidence collection, and crime scene analysis. These skills are directly transferable to private investigation, allowing former officers to approach cases with a depth of knowledge that is difficult to replicate through other means. EXCALIBUR Private Investigation was founded by just such an individual who came to the private investigation industry with over 25 years’ experience. Lee Walters, founder and President, served 25 years with the Federal Bureau of Investigation and has worked in the private investigation industry for 12 years bringing that wealth of experience to all the firm’s clients. For instance, surveillance is a crucial component of many private investigations, whether it involves tracking a missing person or monitoring a subject for infidelity. Law enforcement officers are trained to conduct surveillance in a discreet and effective manner, utilizing techniques that ensure they remain undetected while gathering critical information. This expertise can significantly enhance the quality and accuracy of a private investigation. Lee served as team leader of the Special Operations Group (SOG) in the Chicago Division of the FBI for over 5 years and was assigned to some of the highest profile investigations in the country. All of EXCALIBUR's investigators are trained in the techniques that were used to much success by the SOG during Lee's service. Credibility and Trust Credibility is a cornerstone of the private investigation industry. Clients seek out private investigators they can trust to handle sensitive and often personal matters. A background in law enforcement lends a significant degree of credibility to a private investigator. Many private investigators, especially in states such as Colorado that don’t require licensing, don’t have the kind of experience former law enforcement officers do. EXCALIBUR’s team of private investigators have a strong ethical foundation, discipline, and a commitment to upholding the law. Unfortunately that can’t be said for some of our competitors. Moreover, law enforcement experience often means that the investigator has undergone rigorous background checks and has maintained a high standard of conduct throughout their career. This can be reassuring to clients who need to share confidential information and rely on the investigator's integrity. Networking and Resources Another critical advantage of law enforcement experience is the network of contacts and resources that former agents can access. Throughout their careers, law enforcement professionals build extensive networks within the criminal justice system, including relationships with other officers, forensic experts, and legal professionals. These connections can prove invaluable in private investigations, where collaboration and access to specialized knowledge can make a significant difference. In a recent case we were able to reach out to former FBI Agents in four different states to gather the evidence our client needed. Connections worldwide are just one of the byproducts our firm can offer that other firms just can’t. For example, our private investigators have access to databases and resources that are not readily available to the general public, allowing us to gather information more efficiently and comprehensively. Understanding Legal Boundaries Navigating the legal landscape is a critical aspect of private investigation. Investigators must operate within the confines of the law to ensure that the evidence they collect is admissible in court and that they do not infringe on individuals' rights. Law enforcement officers are well-versed in legal procedures, search and seizure laws, and the rules of evidence. This knowledge helps us conduct investigations that are both effective and legally sound. A private investigator with law enforcement experience is more likely to understand the importance of obtaining warrants, when necessary, the implications of privacy laws, and the proper methods for documenting and preserving evidence. This can prevent legal complications and ensure that the findings of an investigation hold up under scrutiny. Far too many times we’ve had clients who’ve spent hard earned money with one of our competitors in Colorado who don’t have law enforcement experience, hire us after the individual they hired wasn’t able to get what they needed. Handling High-Stress Situations Private investigators often find themselves in high-stress situations that require quick thinking and calm decision-making. Law enforcement officers are trained to handle such situations with composure and professionalism. Whether it involves diffusing a potentially volatile confrontation or making split-second decisions during a stakeout, the ability to remain calm under pressure is a critical skill that former law enforcement officers possess. This ability is particularly important when dealing with cases that involve potential danger, such as investigations into criminal activities or missing persons. A former officer's experience in dealing with dangerous situations can enhance their effectiveness and safety in the field. Ethical Standards and Professionalism Ethical conduct and professionalism are paramount in the field of private investigation. Law enforcement officers are held to high ethical standards throughout their careers, and this commitment to integrity often carries over into their work as private investigators. Clients can trust that a former officer will handle their case with the utmost professionalism and respect for the law. Furthermore, law enforcement experience instills a strong sense of duty and responsibility. Former officers are accustomed to working in environments where accountability is paramount, and this mindset translates well to the private investigation industry. They are more likely to conduct thorough, unbiased investigations and present their findings with honesty and transparency. Conclusion In conclusion, having law enforcement experience is immensely valuable for private investigators. The expertise and skills developed through years of training and practice in law enforcement provide a strong foundation for conducting effective investigations. Credibility, networking opportunities, (we used that network recently in a case that required an investigator in Kenya to gather evidence), legal knowledge, and the ability to handle high-stress situations further enhance the capabilities of former officers in the private investigation field. Ultimately, clients seeking reliable and professional private investigators are likely to find that those with law enforcement backgrounds are exceptionally well-equipped to meet their needs. EXCALIBUR Private Investigation, presently serving Colorado, New Mexico, and South Carolina, employs a team of investigators from a diverse set of backgrounds including FBI, Secret Service, State Police, Military Police and Academia. Our motto has always been, “There is no substitute for experience,” and all of our investigators have it. Call us today at 352.509.8900, 719.208.4088, 505.208.6400 or 803.806.7800 and schedule a free, no-obligation, video or telephone consultation, and learn how we can put our law enforcement experience to work on your case. About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
From Likes to Lies: The Intricate World of Private Investigator's Social Media and Dating Site Probes A private investigator conducting a social media and/or dating website investigation would typically perform several tasks to gather information and uncover relevant details. Here are some the investigative steps the professional investigators at EXCALIBUR Private Investigation typically take when conducting these type investigations: Profile Analysis: Our investigator’s first step is to thoroughly examine the target individual's social media profiles and dating website accounts. They study the person's posts, photos, friends, connections, and any available public information to gain insights into their behavior, interests, and lifestyle. Identity Verification: The investigator next attempts to verify the authenticity of the person's online identity by cross-referencing information from various sources. They check for inconsistencies in profile details, such as conflicting employment information or mismatched photographs. We use specialized software to determine if photographs used in various profiles have ever been used anywhere else. Background Research: EXCALIBUR’s investigators then conduct background checks on the target individual to gather information like their employment history, education, legal records, and any relevant public records. This helps establish a broader understanding of the person's background and potentially uncover any red flags. Communication Analysis: In most social media/dating website investigations, our investigators will attempt to initiate contact with the target individual through dating websites or social media platforms using undercover identities. This allows us to gather additional information, assess the person's behavior, and potentially uncover any ulterior motives or suspicious activities. Digital Footprint Tracing: Next we track their online activities, identify other social media profiles or dating accounts associated with them, and uncover any potential hidden connections or relationships. Cross-Platform Investigation: In addition to focusing on a specific social media platform or dating website, such as Facebook, Bumble, Tinder, etc., our investigators expand their search across multiple platforms. This could involve examining the person's presence on other popular sites or apps, such as Twitter, Instagram, LinkedIn, or specialized dating platforms. Gathering Evidence: Throughout the investigation, EXCALIBUR Private Investigation investigators would compile relevant evidence such as screenshots, saved web pages, chat logs, or any other materials that could support our findings. This evidence might be useful in legal proceedings, if necessary, and provides our client peace of mind that what we’ve found is the truth. Reporting and Documentation: At the conclusion of the investigation, all our investigators create a detailed report outlining their findings, observations, and conclusions. This report is then provided to the client for their personal knowledge, legal purposes, or other specific needs they may have. Are you communicating with someone on a social media platform or dating website and just aren’t sure if the person is really who they say they are? Contact EXCALIBUR Private Investigation to see how we can help provide answers to your questions. We serve the states of Colorado, New Mexico and South Carolina and have over 30+ years of experience. We can be reached at 352.509.8900, 719.208.4088, 505.208.6400 or 803.806.7800 via our contact form, or by submitting a request via our Chat Box. We’re here to help you determine the truth. Lee Walters President – Lead Investigator About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
Shadow Sleuth: Uncovering the Hidden Truths through Background Investigations Private investigators are professionals who are hired to conduct investigations on behalf of individuals, businesses, or organizations. They specialize in gathering information, conducting surveillance, and performing background checks to uncover facts and uncover any potential wrongdoing while gathering evidence. One specific type of investigation that EXCALIBUR Private Investigation, serving the states of Florida, Colorado, New Mexico and South Carolina, often handles is what’s known as background or due diligence investigations.
Background, due diligence investigations, involve the thorough examination of an individual's personal, professional, and financial history. These investigations are typically conducted to assess the credibility, integrity, and reputation of an individual before entering into a business transaction, partnership, employment agreement, or any other significant arrangement. Here are some key aspects of a background/due diligence investigation that our investigators undertake: Identity Verification: Our investigators verify the identity of the subject of the investigation by checking official documents such as passports, driver's licenses, or social security numbers. Employment and Education Verification: Our investigators validate the individual's employment history and educational qualifications by contacting previous employers, educational institutions, and professional associations. Criminal Record Check: EXCALIBUR Private Investigation investigators search criminal databases and court records to determine if the individual has a criminal history. This can include checking for past convictions, arrests, or pending charges. Financial History: We examine an individual's financial records, including bankruptcy filings, tax liens, judgments, and credit reports, to evaluate their financial stability and integrity. Reputation Assessment: Our investigators gather information from various sources, such as interviews with acquaintances, colleagues, or neighbors, to assess the individual's reputation, character, and overall behavior. Litigation History: We search for any involvement of the subject in past or ongoing legal disputes, lawsuits, or arbitration proceedings. Media and Internet Research: Our social media investigator scours public records, news articles, social media platforms, and other online sources to uncover any relevant information about the individual's personal or professional life. Are you about to enter into a new financial arrangement, business deal or other important agreement, including a romantic one? The experienced investigators of EXCALIBUR Private Investigation can find all the skeletons that may exist out there or can verify the information you’ve been given is true. Call us today at 352.509.8900, 719.208.4088, 505.208.6400 or 803.806.7800 or fill out our contact form, and one of our helpful private investigators will discuss what we can do for you. About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more. THE HOLLYWOOD CON Having worked more white collar fraud cases than I can count, I'm always intrigued that new con men are able to convince people to part with hard earned money. The one common denominator that I've found is present in every one of these cases are the "friends and family" hook. The guy above, Zach Horowitz, also known as Zach Avery, used that hook to scam money from a variety of people under the guise that he was buying the rights to movies and then leasing those rights to HBO, Netflix, primarily, and other streaming services. Needless to say none of these services had ever heard of the guy which a little due diligence on the part of the victims could have figured that out early in the con. This guy ran a typical Ponzi scheme that caught up with him as all Ponzi schemes do.
What is a Ponzi scheme? The dictionary defines a Ponzi scheme as: "a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors". Once Zach Horowitz got those first investors on board, all family and friends, promising returns of 42% after 9 months (a red flag if I've ever seen one), he would repay the initial investors with money coming in from new investors. I'm always bewildered that people think there are investments that pay 42%, or more, in a short period of time with no risk. In the end over $600 million was scammed in this Ponzi scheme with some $200 million still unaccounted for. Don't think that schemes such as these are ongoing here in Colorado? Don't be too sure. In the last three weeks I've been introduced to individuals, who didn't know my background, pitching investments that are too good to be true and will, ultimately, lead to loss of investment funds. In both instances I gathered as much information as I could about the principles and shared with a local detective I know so that she could be on the lookout for potential victims. If someone approaches you with an investment that just seems too good to be true, contact me or one of my investigators and let us conduct due diligence on your behalf. Lee Walters President EXCALIBUR Private Investigation 352.509.8900; 719.208.4088; 505.208.6400; 803.806.7800 About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more. SKandal! Bringing Down Wirecard As someone who's worked literally hundreds of white collar crime fraud cases, bank fraud, wire fraud, con games, you name it, whenever I come across a documentary of that type of crime I'm drawn to it. Often times the documentary doesn't do the investigation justice, but over the last two days I had a chance to watch Skandal! Bringing Down Wirecard on Netflix and it's an excellent treatment of how a long-running, fraudulent business, was a German FinTech darling when it was actually a fraud scheme all along.
I have to admit, I had never heard of Wirecard until watching this but, for those of you not familiar with them as I wasn't, they were selling themselves as the PayPal, Zelle, etc of Europe. Not to give away too much, but there's all kinds of intrigue. Spies, lots of private investigators, at one point the company had 28 PI's on their payroll looking into reporters and others writing negative articles and short selling their stock, and foreign agents from numerous countries. As with all cons, even people who think there's something fishy going on, will dismiss their doubts under the misguided thinking that this government agency or that government agency is surely monitoring the company. When I hear that I laugh and promptly think of Bernie Madoff and how the Securities and Exchange Commission wqw asleep at the wheel for years. And take my word for it, there are still fraudulent companies operating as we speak even though our investigative agencies, who should be on the lookout for these, seem to be more interested in solving everything but true crime these days. If you have Netflix I can strongly recommend this one as it will have you on the edge of your seat the entirety of the film. About to enter into a large investment, partnership, or other business arrangement? Invest a few dollars and have a background investigation completed of all the principles and have some business intelligence conducted to see if everything that's being presented is really as it's being presented. Our professional private investigators will either verify what is being presented as true, or save you from making a large financial mistake that could be devastating. We also have a forensic accountant on staff who can dig through those financials to see if they are a true reporting of the financial health of the company. Call us today to discuss your needs. Lee Walters President EXCALIBUR Private Investigation 352.509.8900; 719.208.4088; 505.208.6400; 803.806.7800 About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more. Are you Penny Wise and Pound Foolish? Many of us have heard the phrase "penny wise and pound foolish", but have you ever thought about it in the context of due diligence? Not to provide a history lesson to everyone, but this phrase has long been attributed to Benjamin Franklin when it was actually coined by Robert Burton in his 1621 work, yes that long ago, The Anatomy of Melancholy.
This phrase popped into my head when reading an article recently about a businessman who lost over $2 million dollars to a con man, for lack of a better term, who had a long history of defrauding his business partners. After the money had been lost, the defrauded businessman hired a professional investigator to see if any of the funds could be recovered, kind of "closing the barn door after the horse has bolted" to quote yet another well known phrase. The professional investigator discovered a trail of previously defrauded business parters this con man had taken to the cleaners over the years and that the $2 million dollars was long gone. Every time I read a tale of someone losing their hard earned money in a fraudulent scheme, my first thought is "I wonder if they did any due diligence?" In most instances I'd bet good money that they didn't. Otherwise smart business men and women try and save money when a small investment into a due diligence background check by a professional investigator could have found any red flags that exist. In the example above, by spending $3,500, the average cost for a due diligence background investigation, less than 1/4 of 1% of the $2 million lost, the defrauded businessman would still have their $2 million dollars and would have had a lot less sleepless nights that I guarantee they suffered through and probably continue to do so. Are you in the process of entering into a business deal or other investment of any size and think you can't become a victim of fraud? Think again. Even individuals you may have known for years can be capable of defrauding you. Spend a little time, and money, and reach out to a professional investigator as a trusted adviser to make sure you don't become a victim. My firm and our team of professional investigators have conducted numerous due diligence investigations and would be happy to discuss your needs. Just give us a call or send us a quick email and someone will respond as soon as possible. Lee Walters President EXCALIBUR Private Investigation Serving all of Florida, Colorado, New Mexico and South Carolina www.excaliburlegalsupport.com 352.509.8900; 719.208.4088; 505.208.6400; 803.806.7800 About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more. FAKE ART? FBI CRACKS DOWN ON PRETEND ART DEALER As a former member of the FBI's Art Crime Team, I'm always on the lookout for new cases being worked by the team. Recently a Florida gallery owner was arrested on federal charges for peddling fake art pieces, claiming the cheap reproductions were in fact originals by Andy Warhol, Banksy, Roy Lichtenstein, Jean-Michel Basquiat and others, federal prosecutors said.
A complaint filed in South Florida federal court Thursday accused the Palm Beach art dealer Daniel Elie Bouaziz of mail fraud, wire fraud, and money laundering in his alleged scheme to sell forged copies of high-end art. Bouaziz, a French citizen of Algerian descent, was ordered released on $500,000 bail after an initial hearing Friday. As of Friday he had not yet entered a plea to the charges, according to court records. He's looking at several years of federal prison time, but we'll see what he actually ends up getting. It was my experience that judges didn't see art crime as big of a deal as, say, bank robbery. Bouaziz sold some of the forged art pieces for hundreds of thousands of dollars apiece, prosecutors said. An FBI criminal affidavit said undercover agents put $22 million down for several of the fake pieces which was a heck of a lot more than anything I've seen spent on an art crime case before. Glad to see there's plenty of money for investigations these days. Claiming to be an art expert and an official appraiser, Bouaziz appraised the inauthentic artwork he sold to the victims at an increased rate, the FBI affidavit said. In one extreme example, the FBI says Bouaziz bought a Warhol reproduction print for $100 and sold it for $85,000. He operated two art galleries on Palm Beach's famed Worth Avenue, one of the wealthiest places in the U.S. Con men understand that looking the part is a huge piece of the con if you want it to be successful. Of course he had to lay out funds to open galleries in those high-rent districts, but he knew it was a good investment if he could continue to get away with selling fake pieces of art. The FBI did not observe a single transaction in his bank accounts in which Bouaziz, or his galleries, purchased high-value artwork, the affidavit says. Bouaziz purchased low-cost reproductions from online auction sites that he then resold to unsuspecting victims, as originals, at drastically increased prices. In an overheated art market there are victims literally lining up to be taken advantage of, all suffering from FOMO (Fear of Missing Out). For example, an original Andy Warhol painting would likely sell for millions of dollars. Bouaziz, according to the FBI, sold one of Warhol's works called Superman, of which there were several versions, for just $25,000. "I buy about 200 paintings in auction every year and I guarantee my stuff. I mean I am behind my stuff," Bouaziz said in a conversation recorded by the FBI. "I'm not buying things that everybody has. That's why you don't see them in the other galleries." The affidavit does not say how many people were victimized. Bouaziz will have a plea hearing on June 15 and no trial date has been set as of yet. Many times victims are too embarrassed to come forward so it will be interesting to see if the government ever gets a true accounting of how many fake pieces were sold. Lee Walters President EXCALIBUR Private Investigation About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more. |
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