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Tuesday, April 17, 2012

Church Ponzi Schemes Unravel



Madoff is not the only one who created a successful Ponzi scheme during in the last ten years. Many individuals in churches did the same thing. They worked because they claimed to be Christians, and because all of us tend to trust our friends. Now, the schemes are unraveling. Below is part of a story from Christianity Today that documents the collapsing Ponzi schemes in Americas churches. Jesus said; Be as wise as serpents, and as gentle as doves. My interpretation of this quote; Give but don’t be Taken!


Prosecutors have uncovered more financial fraud in church networks than they ever imagined. "It took the financial downturn. Money was drying up—the new investors were not coming in, so Ponzi schemes collapsed," IRS Special Agent in Charge for Criminal Investigations Ken Hines told Christianity Today.


Hines, based in Seattle, has helped expose Ponzi’s for more than 20 years. He has seen first-hand how the church environment has proven to be an ideal context for affinity fraud. "When you go to church, you don't expect to get lied to or deceived or manipulated into losing your life's savings."


Read the rest of the story from Christianity Today…

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