Home business scheme led to $34,000 loss

Taylor said the elderly man had been cold-called by a man claiming to be from a company called "Coastal Vacations" asking him if he wanted to make money from home.

In return for paying "membership fees" he was told he would be assigned a website in his name through which people could book cruises around the Middle East and Mediterranean, said Taylor.

The caller said the company could not operate the websites in its own name due to some "legal requirements" in the US and that it was looking for investors to lend their names for a share of profits from any bookings made through their website.

The man could log into the "back office" section of the website that had been set up for him, Taylor said.

It appeared to show the activity of visitors to his website and purchases made through it.

Taylor said the man felt this gave some transparency to what he was doing and earning.

The man was told he didn't need to do anything to earn the $8000 as the company would do all the selling.

He paid his "membership fees" using his credit card in January, but by February nothing had appeared in his 'back office' and no commissions had been earned. 

He was told that payments were pending or that [there] were technical issues.