He's got a great business plan....or at least that's what investors thought

Rodney James is cooling his heels in the Lee County Jail and investors are once again kicking themselves for trusting a smooth-talking entrepreneur. He was charged last week with grand theft, fraud, money laundering and sale of unregistered securities in connection with nearly $2-million in investments. James talked up a grand plan for opening a chain of restaurants in Arizona, Missouri and Florida. He solicited money and gave investors stock certificates or promissory notes. A few restaurants were actually opened, but are now closed, but land was never bought or leased for most of them. Instead, the sheriff's department says James spent the money funding his own lifestyle. (Read the story in the  Lehigh Acres Citizen.) 

I'm always amazed that people are so willing to hand over money to fund other people's private business ventures. Even legitimate startups have a high failure rate, so making that type of investment is a huge risk. 

[Photo Credit: Lee County Sheriff's Department]