Should I tell them or not?

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I am an officer in a newly establish club. I found out that one of my co-officer has a problem with money. His former landlord is my sister's friend and he told me that this person has the habit of scamming people. From the info. I got, this person usually sells you things and asks for advance payment, but he never brings you the product. Accrding to this landlord friend, a lot of people were complaining about this person. I can see that my co-officer really has the convincing power and he is good talker. Just recently, he convinced my fellow officer to purchase new equipments for the club and and he claims that he can get a 30% discount from a certain store. We are set to give him the money next week. I am afraid that he might scam us also. I want to tell the other officers about this but I want to give the guy a chance...who knows..he maybe a new man now. If you were in my shoe, would you tell you fellow officers? And Why?