PITTSBURGH -- Two years ago, Team 4 first investigated the business dealings of local insurance agent Wes Wyatt.

Because of that investigation, the state of Pennsylvania took Wyatt's insurance license away.

But now, Team 4 investigator Jim Parsons has learned that Wyatt is back and business, accused of swindling more investors out of their money.

The following is Parson's report:

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The Pennsylvania Securities Commission has accused Wyatt (pictured, left) of selling a ponzi scheme to his insurance and annuity clients.

Regulators say that not only was the investment set up to fail, but Wyatt wasn't licensed to sell it in the first place.

Wyatt at seminar: "We want to find out how much money they have."

Wyatt claims to be a professional at finding and investing a client's money, whether he's running a seminar or giving advice while in costume on a morning news show in his home state of Oklahoma.

But in reality, Wes Wyatt is a convicted felon.

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Parsons Investigates Wyatt

He may be laughing, but investors in his latest scheme are not.

"Wes Wyatt sold ETS Payphones deals to 25 Pennsylvania investors for over $2 million," said Scott Lane of the Pennsylvania Securities Commission.

That's $2 million that is now lost because ETS Payphones has gone bankrupt.

Investors gave Wyatt their money and were supposed to get an annaul return of 15 percent on each payphone.

"It was the biggest mistake of my life because I don't have the money anymore," said Brenda Hunter of Latrobe, who lost thousands of dollars to Wyatt.

"I Just don't trust him, I didn't trust him to begin with and I should have stuck with my gut feeling. I think he should have told us what kind of shape the company was in if he's selling this stuff."

But Wyatt didn't tell her. That's one of the reasons he's now facing civil charges with state regulators. Another reason?

"Anybody who sells securities in Pennsylvania has to be licensed to sell securities in Pennsylvania. Mr. Wyatt did not have a license to sell securities here," Lane said.

He used to have an insurance license here until Team 4 exposed his felony conviction in Oklahoma. After that, the Pennsylvania Insurance Department revoked his license.

So now, Wyatt's in trouble again. But the worst that can happen to him is a fine. That troubles local insurance fraud investigator Rick Sabo.

"He has a proven track record of wrongdoing, fraud, fake designations and yet he's continually allowed to do these things over and over because no governmental body is putting him out of business. They may revoke a license but allow him to move right on to another thing," Sabo said.

And that's why Brenda Hunter agreed to speak to Team 4.

"I would like Wes Wyatt not to sell one person anything else," she said. "If I can save one person from investing with him, then it was well worth me doing this interview."

In a legal brief filed with the state securities commission, Wyatt says that he did nothing wrong in selling ETS Payphones. He claims that he didn't need a license to sell them and that he had no way of knowing that the company would go bankrupt.

A hearing is scheduled in the fall.