A visit to Tampa by Meacham's pastor friend confirmed that the group held church services and helped the homeless.

Better yet, its leaders said biblical principles, blessed by God, were the reason for its success in operating gold and silver mines - and doubling investors' money.

And indeed, Meacham's friends did double their money before she jumped in and the scheme collapsed several years ago.

After defrauding investors of about $500 million, those blessed reverends ended up serving hefty prison sentences.

"I learned a tremendous amount - of what not to do," said Meacham, a former public schoolteacher and now a businesswoman who diagnoses and corrects reading disabilities.

"I should have checked out some kind of prospectus to see if they really were doing gold and silver mining," she said. "And I should have checked out their last three years' tax returns."

The Greater Ministries debacle made big headlines, as did the Znetix stock conspiracy that swindled about 7,200 investors across the nation out of $91 million.

One victim of Znetix was Wayne Franklin, a Vancouver insurance agent who lost nearly $50,000 to its slick advertising campaign, which ran for several years beginning in the mid-1990s.

Znetix recruited sports stars including Shaquille O'Neal and Tiger Woods for endorsement deals, and promised fabulous returns for investors as it supposedly developed new health and fitness services and products.

But then the bubble burst, taking investors' money with it.

As the U.S. attorney's office in Seattle succinctly put it in March 2005, "The advertising campaign was designed only to sell more stock, as Znetix had no products or services to offer, and little or no revenue."

"I had my doubts about the deal, but their pitch was so smooth and convincing," Franklin said recently. "They managed to scam people with all kinds of backgrounds, including doctors, dentists and lawyers."

Wise up, advises AARP

Meacham and Franklin's stories surfaced last month as part of an ongoing campaign by AARP and the Washington State Department of Financial Institutions. The two groups are working to teach ordinary people how to avoid being ripped off by a dizzying array of investment scams.

A free anti-fraud event presented by AARP and DFI last month in Vancouver attracted more than 250 investors and was one of several such events held around the state.

Sure, officials say, some scam artists end up being arrested and imprisoned, but by that time there's often little or no money left to repay swindled victims.

But police and other officials say a forewarned public can avoid all that in many ways, including these:

- By saying no to strangers who phone them, offering impossible profits and using sophisticated persuasive skills.

- By tossing bogus junk-mail offerings in the trash and dealing only with companies you know to be reputable.

- By not clicking on links in unsolicited spam e-mails, links that might duplicate a respected company's logos, but will take folks and their personal information straight to the crooks.

"I believe consumer education is our best defense against fraud," Gov. Chris Gregoire said on a 2007 DVD called "Stolen Futures" that's available free from AARP and DFI.

Don't despair if you missed the presentation in Vancouver, because AARP and the DFI are making it easy for anyone to brush up on investment dangers, for free, on their Web sites and in other ways.

Although there are many varieties of scams to learn about, the new material shows patterns that quickly emerge. And one simple piece of advice consistently comes through:

In many cases, people selling investments, or advising folks how to invest, are required by law to register with state or federal agencies. And prospective investors can find out whether the person or company is registered.

Just not being registered can be a red flag, officials say, and folks who check with an agency such as the DFI also can learn whether any problems have been reported about a company.

$1.6 million down the drain

Daryl Yeager, a 73-year-old North Bonne­ville man, now wishes he'd done some checking three years ago.

Yeager said he and his family members lost $1.6 million in a series of real-estate development deals, done with a charming and well-loved family friend, that didn't work out.

"I never realized he had to be registered," said Yeager, who said he once owned many properties but now lives alone on $880 a month and is heavily in debt. "We didn't understand anything. He just walked off and left me holding the bag."

The DFI, after looking into Yeager's situation, in January issued a legal order and findings saying his friend's actions amounted to offering or selling a security, under state law.

The DFI also found that the friend wasn't registered to do that in Washington, as state law requires.

The DFI ordered the friend to "cease and desist" from such activities, and to pay a $30,000 fine.

But the friend hasn't been charged with any crimes, said Martin Cordell, chief of enforcement for the DFI's Securities Division in Olympia.

As a result, The Columbian isn't identifying the man, who also couldn't be reached for comment.

Referring to Yeager's situation, Cordell said: "Unfortunately, his case is not unusual. We've had people lose their homes and lose their health and their marriages as a result of these financial tragedies."

And that's the reason for the AARP/DFI educational campaign, Cordell added.

"We're trying to reach people before they lose their money, not after they lose their money."

To obtain a free Invest Wise Washington kit, which includes a copy of the DVD "Stolen Futures" and the booklet "Invest Wise Washington: Save, Manage, Protect," visit www.aarp.org/wa or call 800-646-2283. Or visit www.dfi.wa.gov or call 877-RING-DFI.

Did you know?

Anyone can find out if a person or company offering investments or investment advice is properly registered, and if problems have been reported, from these groups:

Washington State Department of Financial Institutions: 360-902-8760, 877-RING-DFI or www.dfi.wa.gov .
National Association of Securities Dealers Inc.'s BrokerCheck. www.nasd.com or 800-289-9999.
Securities and Exchange Commission and North American Securities Administrators Association. www.adviserinfo.sec.gov .

John Branton covers crime and law enforcement for The Columbian. He can be reached at 360-759-8012 or john.branton@columbian.com