Scam Costs Religious Groups Millions - 24 Nov 2003
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...A scam has allegedly cost religious groups millions of dollars. Federal officials say a businessman exploited his connection to evangelical Christians to create a massive Ponzi scheme that defrauded religious organizations their leaders out of more than $160 million. Gregory Earl Setser and four associates of IPIC International and the Home Recovery Network are charged with securities fraud and money laundering. A Securities and Exchange Commission attorney, Toby Galloway, says "Gregory Setser -- a self-styled former minister and apostle of the Christian faith -- is 'robbing Peter to pay Paul. – but only after taking a massive cut for himself, his family and his affiliates." Galloway says Setser used his relationship with retired preacher Ralph Wilkerson to meet potential investors and sell IPIC securities. According to the SEC complaint, Wilkerson introduced Setser to televangelists and pastors, who in turn, introduced Setser to their followers. [AP] |