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Greedy Christians scammed

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Investors were promised returns of up to 50 percent within six months and were assured only one in 10,000 deals went bad, the SEC said. A Ponzi scheme uses money from later investors to pay artificially high returns to early investors, thus attracting even more investment.

Setser, a self-described former minister, told potential investors he didn't need their money, "but, as a man of God, he wants to serve God by allowing Christian ministries to share in IPIC's profits," the SEC said in a civil complaint filed in federal court in Dallas.

Stephen Magagnini, The Sacramento Bee: Scam cost churches, parishioners $160 million, officials say

Richard Evans Lee
November 23, 2003 •
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Comments

What's your interest in this IPIC scandal? We're trying to get to the bottom of this issue but find hard facts in short supply. Thanks.

Posted by: wiseserpent_harmless dove | December 18, 2003 5:16 AM

Just a broad interest in religious, new age, quack medical frauds. No special interest Sester.

Posted by: Richard | December 18, 2003 12:13 PM

How do you feel?

Feel free to share your feelings about Greedy Christians scammed. Please stick to the theme of the entry. Disagreement is fine. Homophobia, racism, and kindred expressions of hatred will be deleted. This site is one of my hobbies. I genuinely enjoy hearing from people and hate moderating or killing comments. Forthright disagreement is fine as long as it is civil.
My thanks,
Richard

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