HOUSTON -- They thought they were buying peace of mind, knowing that when their final days came, their “affairs” would be in order.

But instead, scores of elderly Texans lost a chunk of their retirement savings after signing up for pre-paid cremation services. The alleged victims say they purchased them from a well-dressed, smooth-talking Houston man who claimed to be a reverend.

Turns out, state regulators say the man was operating his business without a permit, and under the radar of state oversight. They described his operation as a classic Ponzi scheme that netted at least $300,000.

Who is he? And how can you protect yourself from becoming a victim?

Click here for a preview of Jeremy Rogalski’s 10 p.m. report.