SAN DIEGO -- San Diego families have told 10News they have been ripped off by a local accused con man.

They said they were sold on the man’s investment scheme based on his ties with a boxing legend.

Ken Norton became an instant celebrity in March 1973.

His victory over Muhammad Ali in San Diego is still considered one of the greatest boxing upsets of all time.

But a San Diego woman and at least three other people said they believe they have been sucker-punched by a man using the former champ to take their money.

“Ken Norton Sr. the boxer and Ken Norton Jr. the football player are listed on his correspondence whenever he sends it to investors,” said attorney Cindy Brand.

Brand represents four investors who said they were taken for more than $250,000.

"The next thing I knew, I was writing him one $10,000 check after another," said investor Jaquelin Hellenberg.

Another investor, Steve Huss, said, “It was always in about $20,000 increments."

“About $45,000 went to R.C. Anderson,” said investor Kathy Nielsen.

What did these investors buy into?

A video made by R.C. Anderson explained the product as “a unit to alert motorists and pedestrians of an approaching emergency vehicle.”

The video shows how Anderson’s Traffic Alert system would alert drivers of oncoming vehicles.

“It will actually improve response times and save lives,” Anderson said in the video.

The video footage also displayed Ken Norton’s name at the bottom of Anderson’s development team list.

However, investors said they believe Anderson is selling nothing more than empty promises.

Brand said, “He has no product. He has never sold one.”

Anderson’s business plan showed Traffic Alert would bring in more than $123 million in gross receipts by its fifth year. He promised investors would be rich.

"He promised that money would be raining down,” said Nielsen.

10News investigators obtained copies of checks from investors deposited at a Wells Fargo bank in Grossmont.

Records showed Anderson had drained the account, buying airline tickets, ski lift tickets and making ATM withdraws at casinos like Barona and in Las Vegas. The records indicated Anderson was running the investors’ corporate account into a deficit thousands of dollars deep.

10News investigators caught up with Anderson outside of his South Bay Terraces home and asked him about his investors’ allegations.

“They said you’re running a con, that you’ve spend all of the money from the business on personal items. They show money spent at Barona casino, for travel, for ski lift tickets,” 10News investigator Thom Jensen told Anderson.

“I’m glad you said that, because when you run your own business, you’re allowed to pay yourself,” replied Anderson.

Anderson then proceeded to name-drop.

"As a matter of fact, I will get Mr. Norton on the line for you. Ken Norton is a very good friend of mine. I will get Mr. Norton on the line as we speak,” Anderson told 10News.

When asked about the alleged missing money, Anderson said, "You know where the money went to? They knew the money was to pay off other investors who came on before."

Anderson’s use of Norton’s name coaxed one investor out of his life savings of $150,000.

"The business idea a good idea, but to have people backing it with a name like Ken Norton is a pretty impressive thing, and I thought, 'This has got to work,'” said investor Stephen Huss.

10News spoke to Ken Norton, who said this was not the first time he has heard allegations of fraud with Anderson and his Traffic Alert system.

Norton is involved with the company, but the San Diego investors believe Anderson is just using Norton’s celebrity status to rip people off.