I Got Scammed Out Of $38,000 By A Friend

Summary

Podcast Summary: The Ramsey Show Highlights
Episode: I Got Scammed Out Of $38,000 By A Friend
Date: February 18, 2026

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Main Theme & Purpose

This episode centers on a caller’s personal story of being scammed out of $38,000 by a trusted friend, the subsequent emotional and financial fallout, and expert advice from the Ramsey Network hosts on processing the loss and moving forward. The discussion provides practical advice for others who may be dealing with similar losses and emphasizes emotional recovery and financial wisdom.

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Key Discussion Points & Insights

1. Caller’s Story: How the Scam Unfolded

• Details:
  • The caller, George (B), recounts being drawn into a scam in 2016 by a gym acquaintance. He believed he was investing in a high-yield savings account through an LLC, only to later discover it was fraudulent.
  • Total loss: $38,000 from the scam, plus additional legal and collection fees totaling about $45,000.
  • Legal action: Although George took the scammer to court and won a judgment, the scammer had hidden or eliminated assets, making the judgment unenforceable.
  • “I hired lawyers. Lawyers and everything like that. So I. All in all, I was out maybe like 40. About 45 grand.” (B, 00:31)

2. Emotional and Legal Aftermath

• Dealing with an Unenforceable Judgment:
  • George has spent four years attempting collection, even hiring a debt collection company during the pandemic which only added to his costs.
  • "The judgment is just basically paper right now." (B, 01:03)
  • The company eventually asked for more money to continue pursuing the case.
• Weighing Further Action:
  • George asks if he should keep chasing the scammer or count the loss and move on.

3. Advice from the Hosts: Moving On versus Chasing Losses

• Expert Take:
  • The hosts strongly recommend George emotionally and financially write off the loss to avoid throwing more money after it.
  • Quote: "You spend 25 grand chasing this guy down, and then it turns out you don't get a dime from him. Well, now you just lost another 25 grand. So it may be time to emotionally write this off and call it a stupid tax and move on." (A, 02:17)
  • Emotional impact acknowledged: It's living "rent free in your head." (A, 02:30)
  • Personal relatability: A host shares having previously been $40k in consumer debt.

4. On Forgiveness, Closure, and Growth

• Letting Go as Empowerment:
  • Host C highlights the potential to refocus energy for financial recovery and growth:
    • "I do think once you emotionally kind of just get over it, right? You detach and you're like, okay, I am moving on. You start to really, really see what you can do and what you have the power to do … Like, that money will come back … but it’s just emotionally having just to let it go, which sucks." (C, 03:07)
  • Focusing on Baby Step 2 (paying off debt) is encouraged as a way to rebuild.
  • The story can one day be a cautionary tale as a self-made millionaire.

5. Host Shares Personal Story of Fraud

• Relatable Experience:
  • The host shares a story about being the victim of identity theft, which resulted in $1,700 of fraudulent phone accounts.
  • Resolution was aided by ID theft protection, but also underscores the drive—and futility—of pursuing “justice” personally:
    • “I want to go full John Wick, man … But at some point, it was $38,000.” (A, 02:58)
    • “I found who the people were because I was a sleuth.” (A, 04:15)
    • Ultimately, letting go was the healthiest path.

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Notable Quotes & Memorable Moments

• On the Reality of Legal Judgements:

  • "The judgment is just basically paper right now, because he got rid of all the—yeah, exactly." (B, 01:03)
  • "If he doesn’t have assets, doesn’t have income you can garnish, there’s not much they can do." (A, 01:24)

• On Emotional and Financial Recovery:

  • “It may be time to emotionally write this off and call it a stupid tax and move on.” (A, 02:17)
  • “I do think once you emotionally kind of just get over it … you start to really, really see what you can do and what you have the power to do.” (C, 03:07)

• On the Urge for Justice vs. Letting Go:

  • "I want to go full John Wick, man." (A, 02:58)
  • "Just Nancy Drew." (C, 04:27)
  • “And then I just. I'm like, what am I doing? What am I doing?” (A, 04:23)

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Timestamps for Important Segments

• [00:09] – Caller George shares how he was defrauded and total losses
• [00:41] – Hosts react, clarify the scam’s nature, and express empathy
• [01:24] – Legal realities: unenforceable judgments without assets
• [02:06] – Should George keep pursuing or let go?
• [02:17] – Financial wisdom: Don’t spend more to chase a lost cause
• [03:07] – Emotional advice and hope for future recovery
• [03:52] – Host’s personal fraud story; the limits of playing detective
• [04:16] – Anecdote of sleuthing and ultimate acceptance

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Conclusion

The episode delivers a candid, supportive conversation about financial loss, emotional resilience, and wisdom in moving on after being scammed. The hosts blend practical advice, personal stories, and empathy, encouraging listeners to not compound their losses and instead channel their energy into recovering and building a better financial future. The tone remains personal, forthright, and hopeful throughout.

Transcript

[A]

In today's digital world, you need ID theft protection that actually works. Protect [e-mail].

[B]

I got mixed up back in maybe 2016 with a. A guy from my gym. Long story short, he was running the LLCO supposedly, and I was investing into a high interest savings account. So basically, I got scammed. Long story short, he got me for 38 grand. Oh, no. And then I hired lawyers. Lawyers and everything like that. So I. All in all, I was out maybe like 40. About 45 grand.

[C]

Oh my gosh, George. So sorry. Was it like a Ponzi scheme kind of thing or like a. Like. Or he would take your money and invest or, you know, put it somewhere else, thinking he would make a difference and then he ended up not. And lost all your money.

[B]

Exactly.

[C]

Oh, man.

[B]

So I, you know, again, this is before I met you guys. I wish I would have met you guys sooner, but that's done. So it's kind of a thorn in my side because I'm trying to figure out whether I should continue going after him because I already went to court, we already got the judgment, he didn't show up and everything like that. You know, he got served and everything. But the thing is, you know, I had to learn about the law because the judgment is just basically paper right now. Because he got rid of all the. Yeah, exactly.

[A]

If he doesn't have assets, doesn't have income, you can garnish. There's not much they can do.

[B]

That's basically what I wanted.

[A]

When you say you've been chasing for four years, who has actually been the person trying to track him down and. And get him to pay?

[B]

I hired a debt collection company. And then at first it was, you know, it was free and everything like that because, you know, they would, you know, they get paid, I get paid kind of, kind of deal. But then after maybe like a year or two, then they want. They asked me if I wanted to like increase the. Some. Some kind of excuse they gave me. And it was like another two grand or whatever, I think to push that for. Because this is during the pandemic.

[A]

Yeah.

[B]

So supposed like paperwork for it. And so that added to the money that I'm out. And I wanted to see if you guys think I should just count it as a loss or just, you know, because without assets, you know, now that I know that, it's just.

[A]

Yeah, that's my fear is you spend 25 grand chasing this guy down, and then it turns out you don't get a dime from him. Well, now you just lost another 25 grand. So it may be time to emotionally write this off and call it a stupid tax and move on.

[B]

Yeah.

[A]

If it's been four years. I mean, this is. This is weighing on you. It's living rent free in your head. And I think it's time to move on.

[B]

Oh, yeah.

[A]

People do all kinds of dumb moves and lose 40 grand. You know, I went in 40 grand in consumer debt back in the day, and so I'm going to chalk it up to a life lesson that was hard to learn and never let it happen again.

[B]

Got you. Okay, I figured that.

[A]

I'm so sorry, man.

[C]

Sorry, George.

[A]

I'm like. Like when I. I'm like a dog who's like, I want to.

[C]

I want to get this guy on justice.

[A]

I want to go full John Wick, man. You know? But at some point, it was $38,000.

[C]

You know, it's not 3,800. Like, that's a lot of money. A lot of money.

[B]

Yep.

[C]

But the crazy thing is, is I do think once you emotionally kind of just get over it, right? You detach and you're like, okay, I am moving on. You start to really, really see what you can do and what you have the power to do. As you're experiencing now on baby step two, George, like, you're getting yourself out of debt. Like, that money will come back, right? Like, you will be able to turn all this around, but it's just emotionally having just to let it go, which sucks.

[A]

Sorry you're dealing with that. Maybe this will get you debt free faster. If you allocate all of your energy and focus and resources towards that, I think you'll feel a whole lot better. And it'll be a fun story you share with your kids one day when you're a multi millionaire. Yeah.

[B]

Okay. Okay. Yeah.

[A]

Best of luck, my friend. Oh, that's brutal, Rachel. That reminds me. When I got scammed long ago, fraud happened. People opened up AT&T accounts, Verizon accounts under my name, Social Security number, past address.

[C]

Horrible.

[A]

Racked up 1700 bucks on both accounts, never paid a dime. And so I had to deal with that. And luckily I had Xander ID theft, and so they stepped in and helped clean this mess up. But I found who the people were because I was a sleuth.

[C]

You found who? It was like the individuals.

[A]

Yeah. And I really wanted to go full, you know, wishbone on the case and go, I'm going to investigate. I'm going to bring them to justice. And. And then I just. I'm like, what am I doing? What am I doing?

[C]

Just Nancy Drew.

[A]

I don't know how dangerous these women are.

[C]

Yeah. Was it women?

[A]

It was two women.

[C]

No way.

[A]

Still have their names here.

[C]

Like in America.

[A]

They were in Boston. In the Boston area. I lived in Tennessee at the time, but they opened these accounts up in Boston, so, yeah, there you go. I'm not going to. I'm going to. I'll leave that for future investigations. But, goodness gracious, it's hard. It's a hard pill to swallow when it happens. The best ID theft protection comes from Xander. Real monitoring, full restoration, no fluff. Learn more at xander. Com.