amounts of money, just for the fun of it. but they insist standefer kept them on the hook. kirk shaffer says dennis knew just how. it is alluring to think that you can go and you can find some treasure. and people do do it on a rare occasion. reporter: they want to believe. they want to believe, exactly. reporter: karl tracked down more investors and spread the word about what he says standefer did. he was determined to shut dennis down. so, you wanted to make sure everybody knew he was a crook. yes. i wanted to cut off his money supply. and it is like, okay. then what is he going to do? reporter: in the meantime, you went back to teaching and getting your life in order. yes, i went back to teaching. reporter: he quietly went back to his quiet pasadena life. and that would have been the end of the story of dennis standefer and karl ryll. the teacher was through with the treasure hunter and never thought he would see or hear from him again.
started out investing small amounts of money, just for the fun of it. but they insist standefer kept them on the hook. kirk shaffer says dennis knew just how. it is alluring to think that you can go and you can find some treasure. and people do do it on a rare occasion. reporter: they want to believe. they want to believe, exactly. reporter: karl tracked down more investors and spread the word about what he says standefer did. he was determined to shut dennis down. so, you wanted to make sure everybody knew he was a crook. yes. i wanted to cut off his money supply. and it is like, okay. then what is he going to do? reporter: in the meantime, you went back to teaching and getting your life in order. yes, i went back to teaching. reporter: he quietly went back to his quiet pasadena life. and that would have been the end of the story of dennis standefer and karl ryll. the teacher was through with the treasure hunter and never thought he would see or hear from him again. th