Washington, D.C., April 14, 2009 — The Securities and Exchange Commission today charged seven leading members of a church in Queens, N.Y. for orchestrating a fraudulent investment scheme that targeted mostly elderly parishioners. The seven individuals defrauded investors of more than $12 million by making numerous misrepresentations, including promises of returns as high as 75 percent, to encourage them to invest in two hedge funds — the Logos Fund and the Donum Fund. Instead of investing the money as promised, the defendants misappropriated millions of dollars to furnish their own lavish lifestyles with purchases of luxury cars, jewelry, clothing, meals, and expensive foreign travel.
SEC Charges Seven Church Leaders in Fraudulent Investment Scheme That Targeted Parishioners
April 17, 2009 By Leave a Comment