---

---

ReligionNewsBlog.com • Item 23079 • Posted: Saturday December 6, 2008  

---

Fraud targeted churchgoers

A judge has ruled that the owners of a non-profit Christian investment company committed fraud and called for them to repay $11 million to investors they swindled in Arizona and 11 other states.

The administrative-law judge also said that Chandler residents Ed Purvis and Gregg Wolfe should pay $250,000 in fines for their part in operating Nakami Chi Group Ministries.

The judge’s ruling must be ratified by the Arizona Corporation Commission, which regulates securities and oversees corporations in the state. The commission is scheduled to vote on the Nakami case before the end of the year.

The ruling crowns a three-year investigation by the Corporation Commission into Valley-based Nakami, which investigators say targeted churchgoers as part of a Ponzi scheme, including at least one pastor, church elders and members of Chandler Christian Church and Vineyard Church in Avondale.

None of the principals could be reached for comment Friday. Purvis has denied any wrongdoing.

Wolfe last year agreed to turn state’s evidence and admitted to investigators that he and Purvis for years funneled millions of dollars in investors’ money into offshore accounts as part of the scheme.

Tony Senarighi of Prescott, a one-time investor who testified against the pair, said he was pleased with the ruling. “They are crooks,” said Senarighi, who invested $50,000 with Purvis and later got it back from him. “They took other people’s money. … There was a lot of deception here.”

The civil ruling could lead to a criminal-fraud investigation into a case that has already involved accusations of fraud, bribery of a police officer, harassment of public officials and a series of bizarre legal filings against lawyers, a judge, investigators and a reporter.

A Ponzi, or pyramid, scheme is an investment scam that uses money from new investors to pay old investors. Authorities said that, while he promised investors 24 percent annual returns, Purvis was dipping into their money to buy cars and jewelry, make a down payment on an $800,000 home, and pay gambling debts and other personal expenses.
[...]

http://www.religionnewsblog.com/21758/pastor-convicted-in-ponzi-scheme#ponzischemes

---

What You Can Do From Here

---

Read More Articles On These Topics Categories: Nakami Chi Group Ministries International Tags: Nakami Chi Group Ministries International Share, Blog About, Bookmark, or Email This Article Subscribe Religion News Blog RSS feed [What is this?] RSS by topic: Nakami Chi Group Ministries International Read Another Article Previous entry: Falun Gong follower’s rights not breached by deportation: court Next entry: Atheists take aim at Christmas RNB Homepage with latest headlines Find Related Information Use our custom search engines to find additional research resources on religions and cults Find Related Books Nakami Chi Group Ministries International Most Popular Today Church of Scientology told to drop Churchill images I know the dark side of Scientology…I almost lost my friend when she became obsessed with it

---

Share This Article

---

To share this page simply copy and paste one of these URL's:

• Post a link on your blog or website:
  
• Send in an email or IM:
  
• Post on a forum:
  

Search for information about (religious) cults, cult-like organizations, -- as well as paranormal-, New Age, and pseudoscientific claims -- across 260+ websites, blogs and forums dedicated to cult research, spiritual abuse, ex-cult counseling & support.

Note: results are listed on another domain -- CounterCultSearch.com -- from which you can easily return here.

Search for apologetics articles, books, videos, and other research resources across 135 Christian apologetics websites and blogs.

Note: results are listed on another domain -- ApologeticsSearch.com -- from which you can easily return here.