Gold Fraud: A Con Artist Speaks

James Campany conned customers out of $29 million with false promises of riches.
6:21 | 10/29/11

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Transcript for Gold Fraud: A Con Artist Speaks
All currency is builds on human trust this mass agreement that bits of Paper can be swapped for the fruits. Of a stranger's labor faith that a dollar in the back today will be there tomorrow and still -- that candy bar. But when fear it replaces faith so start craving. The historic safety of gold never dreaming that there are combat looking to exploit their orders for security you're about to meet one. Thanks to ABC's Brian Ross Brian. Bill a federal judge next month will decide the prison sentence for a man who was in effect the Bernie Madoff of the gold scam -- Using the allure of -- to steal tens of millions of dollars. But before he goes to prison. He decided to sit down with Nightline and reveal his con -- -- of the -- He chose his victims and then tried to take them for all they were worth. The most promising victims were spotted through Google Earth. Those -- the -- homes and their for the biggest bank accounts persuaded to invest in gold and silver. -- is based in order to purchase ten ounces of Cold -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But there were no orders for gold or silver it was all a huge scam -- pulled off by this man. Says for many. The allure of gold is almost irresistible everyone wants to have gold in -- drawer under their his name is Jamie campus. And he took us back to the scene of the crime now empty telephone boiler room. Called the pit. We're for three years his team of telemarketers. Cheated some 14100. People across the country. Out of almost thirty million dollars -- world telemarketers -- men. They would have been making phone calls. Probably two to 300 -- -- now facing prison. Anthony has decided to come clean on Nightline about what he did. Confessions of a gold scammer guilty tears and all these people it didn't deserve. What -- brought -- -- their lives. Their friends and we didn't deserve it. I'm machine and. We're as depicted by -- gold has been the ultimate symbol of status since the dawn of civilization. -- There's no other measures like this and for today's sultans upland school remains the most questions Obama. Tradition -- but it is the value of goat in a falling stock market. That is driven so many Americans to invest in it and other precious metals. As their prices have skyrocketed. So have the -- Too many of the people selling. Gold or gold kind of commodities. Are not reputable and people should not deal with them. Like Jamie Japanese -- run out of this office building. Global bullion and exchange -- Anthony recalled it's the phone pitches were cleverly designed to capitalize on fears about the stock market. -- KC. -- Price. Wake up -- This is an opportunity you can't. Past it was once they were hooked that Anthony would scanned Google Earth to see how much the marks might be good for if they -- -- big mansion. We know more than likely. We're looking at a 100000 mark. 200000. Or more. According to company's records the family that lived in this house was taken for 135000. Dollars -- 2121000. There 3111000. Dollars. The easiest -- company says were always men who own small to medium sized businesses so you weren't targeting little ladies at all. No reward to quite frankly goodwill ladies are a lot borders to -- -- a lot more skeptical. About making investments with people that they don't know and can't but he taught his salespeople the tricks of the trade. To get around the usual objections which he shared with us. I don't have the money. -- -- -- You have 401 case you have -- stock portfolio. You have dead dogs that are not performing. I need to talk to my wife look -- you've been in business for years. How many times do you actually go to your wife and ask her if you're gonna make an investment in in your company. I'm not comfortable doing business over the phone at any time you're uncomfortable will sell out -- position I think it should migrate back -- not a problem at all. But that almost never happened. Despite fancy looking account statements that global bullion exchange sent out to its clients there was no gold or silver in anyone's account. Completely -- completely bogus the man who lived in this house in Hialeah Florida. -- Bloomberg was one of the victims receiving lots of those statements which reassured him. Even when his account lost value. I did end up giving them -- a considerable amount of money. It was a technique that can -- he called flipping the script we would say you're looking to sell out at a time like this are you kidding me. This is when the markets exploding you should be doubling or tripling up on your positions. And that's just what -- -- did until he finally stopped after losing 75000. Dollars I thought if I invested more I would get the money back. He never will -- will be other investors. By the time the scheme collapsed. This place was shut down. The money was long gone. I think about it every day and these people have to live with the pain -- So what are its gonna hurt for the rest of the products. Hopefully this one -- -- I can stop it from happening to anybody else. Company faces a sentence of up to 25 years he says he hopes by coming clean here tonight he concluded the judge that he deserves less. His best advice is simple don't buy gold or really anything from somebody on the phone -- you don't know. And if you do -- -- -- there really is gold involved gold to back it up. -- some statements printed on offense you looking piece of Paper simple advice but all too often ignored.

This transcript has been automatically generated and may not be 100% accurate.

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