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Church embezzlement case goes to trial
Posted in: Breaking News by psk on March 9, 2012 | No Comments
Pastor ordered to stand trial for personal use of Church funds
- defense claims pastor had almost no rules to follow.
Lansing State Journal has the complete story @ LSJ.com
CFO gets Eight Years
Posted in: Breaking News by psk on November 18, 2011 | No Comments
Washington church CFO received his eight year sentance after his August conviction of emebezzling from the church. “He exploited other people’s charity to fund his extravagant vacations, VIP tickets to NBA games, and fancy cars,” U.S. Attorney Ronald Machen said in a statement.
See the story at ABC7
Who’s kingdom are pastors building?
Posted in: Breaking News, Uncategorized by psk on August 26, 2011 | No Comments
An Indianapolis pastor admitted to misusing $500k loaned to local Church for a building project that was never built.
See original story here.
Story obtained from News 6 – The Indy Channel.
Church CFO takes church for nearly $500k!
Posted in: Breaking News, Uncategorized by psk on August 19, 2011 | No Comments
Having a church CFO or business administrator that can do everything can be a real blessing. The downside is if there aren’t proper checks and balances in place, he may decide to use that power to defraud the church. Jason Todd Reynolds was a trusted employee for seven years but he ended up buying three cars on the church’s credit card, paid his mortgage with church checks, and just plain wrote checks to himself. A simple review of the bank reconciliation and statements by a board member could have revealed this fiduciary misconduct. Often times church business administrators and CFO’s are looking over your shoulder, but who’s double checking their work at your church?
See original story here.
Information obtained from Maryland Community News Online.
Eight Million Lost in Investment Scheme, Church & Members Suffer
Posted in: Breaking News by psk on August 11, 2011 | No Comments
With great risk comes great reward, sometimes… Church officials and members of St. Barbara Greek Orthodox Church in Orange, Massachusetts lost big in an investment scheme promising big gains. It can be tempting to investigate alternative investments in our uncertain economic situation, but we recommend exercising extreme care in these decisions. Make sure you have savvy business men and women on your governing board and ensure that your organization enacts an investment policy. Effective investment policies include an outline of the goals and risks tolerances the Church is willing to accept to reach those goals. Let’s all work together to protect the resources the Lord has blessed us with.
See original story here.
Information obtained from Boston Globe.
Church Treasurer and Assistant Embezzle $366k from North Carolina Coffers
Posted in: Breaking News by psk on August 5, 2011 | No Comments
This trusted, married couple in the Church held the position of Treasurer and Assistant Treasurer with complete discretion of managing Church finances. They were part of the Church for over a decade, surely they weren’t committing any fraud?! In a simple review of the monthly cash reconciliations, these fraudsters would likely have been caught earlier having written a total of 811 checks to themselves over a three year period totaling $366,156. Many times our firm recommends that there be someone independent (like a board member) who reviews the monthly cash reconciliations for any unusual items, such as usual or frequent checks written to employees. Are you prepared for this kind of threat?
See original story here.
Details obtained from www.gastongazette.com
Woman gets 4 years in prison for embezzling more than $280,000 from Virginia Beach church
Posted in: Breaking News by psk on April 21, 2011 | No Comments
VIRGINIA BEACH, Va. — A former financial officer has been sentenced to four years in prison for embezzling more than $280,000 from a Virginia Beach church.
Michele Moeser Roberts pleaded guilty last December to felony embezzlement. Prosecutors say the 62-year-old Roberts wrote herself checks and gave false financial statements to the treasurer at Kings Grant Baptist Church.
Media outlets report that Roberts was sentenced Wednesday in Virginia Beach Circuit Court. Judge Leslie L. Lilley sentenced Roberts to 20 years and then suspended 16 years of the term. Roberts also must make restitution.
http://www.therepublic.com/view/story/13d98545af474bd29aaad3c22b0ab760/VA–Church-Embezzlement/
Church An Easy Target for Scam Artists
Posted in: Breaking News by psk on | No Comments
Affinity fraud, a type of investment fraud that preys upon members of identifiable groups, is an epidemic that is spreading throughout America’s churches.
Pat Huddleston, former enforcement branch chief for the Securities and Exchange Commission (SEC), points out that “there is an element of the pitch to a Christian that isn’t present in other pitches by scam artists, and that is the proposed shared faith between the person pitching the investment and the eventual victim.”
Of the $40 billion Americans lose to investment fraud every year, Huddleston reports that $1 billion involves fraud against the faithful. He believes megachurches are “especially vulnerable” because of their size and the number of ministries they may offer.
“Typically what happens is the scam artist will join the church [and] serve for a while,” the investor fraud expert explains. “The people who encounter them will be convinced that they are humble servants of Christ, and thereby, they gain the trust of the people they come in contact with.”
Next comes the scam artist’s subtle pitch that may include a casual conversation about what he or she does for a living, which is usually when he or she mentions that a contribution to the church was made possible through an investment. So Huddleston advises people to stay away from any investment pitch, even one that is made through a subtle appeal to a believer’s faith.
“Church An Easy Target for Scam Artists” - Chris Woodward, OneNewsNow
Published: April 20, 2011
Web accessed: April 21, 2011
For the complete story, click on the following link:
Michigan Ponzi Scamster DeMiro Pleads Guilty
Posted in: Breaking News by psk on | No Comments
Dante DeMiro, age 43, was the founder and managing director of MuniVest Financial Group and MuniVest Services LLC in Southfield, Michigan, where he served as an investment adviser to various municipalities, credit unions, school districts, and trade unions. From at least March 2009 to September 2010, DeMiro falsely promised multiple clients that he would purchase millions of dollars in certificates of deposit (CDs) for investment on their behalf. Among his victims were municipalities, a school district, a bank, and a credit union serving church members, employees and other church related institutions.
Instead of using the clients’ funds to purchase the CDs, DeMiro wrongfully diverted the investments in order to make loans to a local jewelry store and re-pay other prior investors. Yet another Ponzi scheme, replete with con artist and far too many unsuspecting victims. The losses in DeMiro’s scam were initially calculated at approximately $10 million.
A Criminal Complaint was filed against DeMiro on September 15, 2010, and on October 7, 2010, DeMiro was indicted by a federal grand jury in Detroit on charges of bank and wire fraud. He faced a statutory maximum penalty of 30 years in prison and a $1 million fine for bank fraud; and 20 years in prison and a $250,000 fine for the wire fraud.
On April 19, 2011 Dante DeMiro pled guilty to five counts of bank and wire fraud. DeMiro stipulated that the loss caused by his fraud exceeds $7 million, and that he abused a position of trust in his fiduciary capacity as an investment adviser. Sentencing is scheduled for July 12, 2011.
“Michigan Ponzi Scamster DeMiro Pleads Guilty” - Forbes
Published: April 20, 2011
Web accessed: April 21, 2011
For the complete story, click on the following link:
http://blogs.forbes.com/billsinger/2011/04/20/michigan-ponzi-scamster-demiro-pleads-guilty/