Moral of the story, don't believe conmen. People often use Phd's or degrees or Masters as a way to convince(more like con) people to buy into their crap. It is more likely they are running around with fake titles. Whether it is an investment scheme or a new MLM scheme(or whatever), I can bet they will do everything they can to try to convince you.

Always questions people's claims/credentials if you find them suspicious(in fact always do a background check, it's safer...too many fake degrees, and fake Dr's in Malaysia).