Podcast Summary

The Journal. — Fertility Inc.: ‘Our Money Was Gone’

Date: March 13, 2026
Hosts: Ryan Knutson & Jessica Mendoza
Featured Guests: Anna Maria Galozzi, Ben Foldy
Theme: An exposé on the unregulated, high-stakes world of fertility, surrogacy, and financial peril—centered around one family's journey, a fraudulent escrow company, and a broader industry in need of oversight.

Main Theme & Purpose

This episode tells the emotional and financial story of Anna Maria Galozzi and her husband as they pursue their dream of having children via IVF and surrogacy after a devastating cancer diagnosis. Their odyssey reveals shocking gaps in the oversight of fertility escrow services, resulting in the loss of tens of thousands of dollars—and spotlights a broader crisis impacting hundreds of hopeful families. The episode combines personal narrative, industry investigation, and legal background to explore the vulnerabilities at the intersection of fertility, money, and regulation.

Key Discussion Points & Insights

1. Anna Maria’s Dream and Motivation

• Anna Maria expresses a deep and lifelong desire for children, stemming from love and the urge to give more of herself.

  “Do you ever feel like there is more of yourself to give, more to love, more to explain?...I have felt that since I met my husband.” — Anna Maria Galozzi (00:12)

• Her first date conversations with her husband revolved around family size and parenting dreams, differing backgrounds, and hopes for a large family.

  “I'm Italian Catholic. I wanted as many kids as my body would give me. Really, I was ready to go the distance.” — Anna Maria Galozzi (01:10)

2. Tragedy and Medical Barriers

• Shortly after marrying, Anna Maria is diagnosed with stage four hormone-receptive breast cancer, stripping her of the ability to carry a pregnancy.

  “My cancer being hormone receptive immediately stripped me of the ability to carry my own child.” — Anna Maria Galozzi (05:21)

• She contends with grief, feeling she had failed her husband and family.

  “That I failed my husband, who also desperately wanted to be a dad. That I failed my family. That I failed myself.” — Anna Maria Galozzi (05:33)

3. Faith and Moral Complexity

• Grappling with Catholic doctrine against IVF and surrogacy, Anna Maria seeks her priest’s advice.

  “Father Chuck looked at me and he just goes, you have to do whatever brings the most love into the world. And it was the most sound advice I've ever gotten.” — Anna Maria Galozzi (06:13)

4. The IVF and Surrogacy Journey

• Their first IVF attempt results in five embryos and, after setbacks and miscarriage, a successful surrogacy and the birth of Michael.
• The financial cost is enormous: nearly $90,000, paid for with Anna Maria’s inheritance from her late father.

  “All of it. But I got Michael, who's my dad's namesake now, so it feels like it was worth it. Yeah, feels right.” — Anna Maria Galozzi (08:39)

• The couple takes a second mortgage for another surrogacy round, but another miscarriage occurs, and their chances are “dwindling” (09:16).

5. Financial Disaster: The Vanishing Escrow

• After preparing for another embryo transfer, Anna Maria receives a shocking call that their surrogate is not being paid—their $50,000 deposit is gone.

  “I looked at my husband, and he just goes, our money's gone.” — Anna Maria Galozzi (10:00) “There was absolutely no mistake. Our money was gone.” — Anna Maria Galozzi (10:18)

6. Industry Dive: Escrow in Surrogacy

• Guest expert Ben Foldy explains surrogacy escrow accounts—meant to safely hold and disburse funds for surrogacy expenses.
• The industry’s lack of regulation means anyone can establish an escrow business with minimal oversight.

  “It's just an LLC with a normal bank account like Capital One…There's not like a State regulator to knock on the door…” — Ben Foldy (21:35)

• SEAM (Surrogacy Escrow Account Management), the company Anna Maria used, was run by Dominique Side—who had multiple side businesses (including a music career and a vegan grocery store), allegedly funded with clients’ escrow money.

  “What everybody figured out pretty quickly…was that all of those other assets…almost all of that money came from parents putting money into SEAM for escrow.” — Ben Foldy (17:35)

7. Legal Fallout and Broader Impact

• Over 600 families lost a cumulative $16 million to SEAM; more than 36 sued, and the FBI launched an investigation (18:57–20:26).
• Despite a ruling against Side, she has not paid damages, and the likelihood of recovery for families is slim.
• Anna Maria chose not to join the lawsuit to retain her voice and ability to speak publicly.
• The scandal casts a harsh light on the risks, lack of regulation, and devastating emotional and financial consequences for would-be parents.

  “I'm angry. I'm beyond angry. I'm upset. We never once thought that we could put our money in a trusted escrow and then have it be gone.” — Anna Maria Galozzi (18:24)

8. Aftermath: Resilience and Reflection

• With two embryos left, a depleted inheritance, and no more loans possible, the couple tries again with a friend as surrogate—ending in another miscarriage.
• Anna Maria decides to stop pursuing surrogacy, with one embryo left and an uncertain future.

  “It was, this was too much. The universe won. I, I saw the signs this time. I can't do it again.” — Anna Maria Galozzi (22:36)

• She reflects on gratitude for her son and a changed outlook on life.

  “I am so present in the moments that I get to spend with him and I'm not taking them for granted…Every day is a blessing.” — Anna Maria Galozzi (23:33)

Notable Quotes & Memorable Moments

• “You never once think, okay, now that I've made it through all these millions of hurdles, is there money going to be there tomorrow?”
  — Anna Maria Galozzi (02:20)
• “It's amazing to me also just like how hard it can be to create a little baby.”
  — Ryan Knudson (24:00)
• “There just isn't regulation. Like, it's a completely. A nearly completely unregulated market.”
  — Ben Foldy (21:22)
• “Even with everything that's happened, Anna Maria says she feels grateful because despite the fertility industry's flaws, it did give her Michael, her son.”
  — Ryan Knudson (23:14)

Timestamps for Major Segments

| Timestamp | Segment Summary/Notes | |-------------|----------------------------------------------------------| | 00:06–03:17 | Anna Maria’s background, desires for a family, cancer diagnosis | | 04:22–07:04 | Coping with the loss of fertility; decision for surrogacy | | 07:25–10:43 | IVF rounds, first child’s birth, growing expenses, first signs of trouble (miscarriages, lost money) | | 12:00–14:44 | Ben Foldy investigates surrogacy industry/escrow | | 15:08–18:57 | Discovery of SEAM scam, details about Dominique Side, clients’ money gone | | 19:32–20:44 | Lawsuits, FBI investigation, legal consequences | | 22:04–24:00 | Anna Maria’s attempts to continue, final decision to stop | | 23:33–24:00 | Anna Maria’s gratitude, closing reflections |

Overall Tone and Language

The episode is candid and deeply personal in tone, capturing both the vulnerability and resilience of Anna Maria and her family. The language is straightforward, sometimes emotional, with clear explanations from both interviewees and reporters. The discussion moves fluidly from individual experience to systemic critique, blending empathy with investigatory rigor.

Conclusion

This episode exposes a little-understood dimension of the fertility industry: families’ enormous emotional and financial risks—and how weak regulation can leave even the most careful and trusting people vulnerable to life-altering fraud. Anna Maria’s story is one of heartbreak, perseverance, and unexpected gratitude, while the broader narrative signals a call for greater industry oversight and protection for would-be parents.