Rick Dyer claimed to have seen the 9-foot creature in the woods near San Antonio in 2012. He said he filmed a short phone video, then shot the creature and took it to a unnamed university to have it tested and verified.
Apparently Dyer and his crew had a falling out, forcing him to admit the truth.
His nationwide tour with the creature raked in close to $60,000.
There was no word on whether people will get their money back.