Church financier Vaughn Reeves faces Ponzi scheme trial

Former pastor Vaughn Reeves is headed to trial in Indiana for allegedly taking some money parishoners thought was going toward building churches and using it to buy himself and his sons planes and sports cars.

Authorities say Reeves — founder and owner of now-defunct Alanar Inc. — and his three sons duped about 11,000 investors in the Ponzi scheme.

The State of Indiana alleges that the Reeves’ scheme was an affinity fraud in that Alanar’s marketing strategy was devised to appeal to the Christian faith of potential investors.

A news report from July 2009:

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