Chip Bannister ran the nation's largest real estate rip off from 1965 to 1974. He was the youngest of three boys; smooth, good looking and charming. An egomaniac, but, very smart, extremely cunning. He was an East Coast trust fund kid that attended USC, and then, with the help of his billionaire father, formed Bannister Financial in downtown Beverly Hills.

Chip quickly discovered it was easier to simply raise new money, versus, executing the business plan. That was the beginning of a real estate Ponzi scheme that would eventually bankrupt the company and all the investors.

One of Chip's college friends introduced him to Captain Donald D. Bowen, commanding officer, Point Mugu Naval Air Station, California. The military was his career; real estate was his business. Careful, discerning, smart and shrewd.

It's easy to run a Ponzi scheme on a dummy, but, was it possible for Chip to pull it off on a guy like Captain Bowen who was meticulous and careful? The captain was naturally leery of Chip at first, but, ultimately they began doing some business over a one year period, 11 transactions total. And then the captain figured out the scam.

By 1974, Chip knew the company was effectively bankrupt and hired a PR firm to blame the whole thing on his employees. The captain spent some time investigating and preparing; and then, he filed a lawsuit against Chip and Bannister Financial Inc.

What Chip didn't know: he had messed with the wrong guy. The captain was the current leader of The Team, a mythic group of World War I veterans that included the captain's father.

The Team would eventually do what the courts could not dispense real justice on playboy rip-off artist, Chip Bannister.