"Our relationship went from women involved in this quilting group to extremely close friends. Neither of us had sisters. We very much regarded each other as sisters," O'Keefe said.
O'Keefe is talking about Robin Brass, whom she met in the quilting group. Over several years, the two women became so close their families vacationed together. When the economy collapsed in 2008, O'Keefe and her husband decided to invest with brass and her company called "BBR group."
"In our mind, she was extraordinarily successful she and her husband had a house that they had built and added onto and it was an absolute show case. They took expensive vacations, they had art work," O'Keefe said.
Brass claimed to have a "can't lose investment formula" and O'Keefe trusted her-no questions asked.
"On paper we certainly made money. We received continual statements. She would come to our house, sit down at our dining room table and go over our statements with us," O'Keefe said.
About a year and half later, everything changed. Postal inspectors say "BBR" was a front for an elaborate ponzi scheme that stole more than $2 million from victims.
"When you think about what this suspect had to go through to gain the trust of all these professional, good people, "greed" comes to mind. Unfortunately - it is a powerful motivator," postal inspector, Brian Feeney, said of the scheme.
Brass' ponzi scheme only lasted as long as she continued to lure in new investors to pay old investors. Unfortunately, Katharine O'Keefe and her friends in the quilting group were on the losing end of the pyramid.
"I was devastated. My entire family was devastated. This was a person that we loved dearly and it was inconceivable to us that she had stolen from us and betrayed us," O'Keefe said.
Robin Brass pleaded guilty and was sentenced to eight years in prison. Some advice worth repeating: "there is no sure thing" in investing.