Tuesday, June 30, 2009
The family that preys together
On dad's parishioners will probably all get a date with Bubba at the penitentiary. Fresh on the heels of a post about a TV skypilot building his $4MM dream house while he lays off employees, we get a report an a pastor and his 3 sons on the lam for defrauding as many as 11,000 church members.
A former pastor and his sons were charged with securities fraud in Indiana on Tuesday in what officials said was a multimillion-dollar scheme aimed at church members who thought they were helping build churches but were actually buying the men planes and sports cars.I guess there is no room any more in modern religion for the vow of poverty.
The secretary of state's office said arrest warrants issued for Vaughn Reeves, 65, and three of his sons charged each with 10 felony counts. Each man could face two to eight years in prison on each count if convicted. Bond for each was set at $1.5 million cash...
..The men are accused of duping about 11,000 church members into buying bonds worth $120 million by urging them to fulfill their "Christian responsibility" to support church construction projects, according to a probable cause affidavit. The men said the bonds would be handled by their brokerage firm, Alanar Inc.
Prosecutors said the men pocketed about $6 million, bought two airplanes, sports cars and vacations. Reeves also bought Porsches for family members, Gavin said. Most of the men's victims lived in Indiana.
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