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SEC Accuses Founder Of Christian Investing Group Of Fraud
More articles on this topic: Fellowship of Christian InvestorsDENVER (AP) The founder of a Christian investing organization was accused of lying to investors about millions of dollars in losses in a lawsuit filed Friday by the Securities and Exchange Commission.
Kelsey L. Garman, who lived in Aurora until recently, allegedly told investors that four funds he controlled were experiencing “spectacular success” when they were suffering substantial trading losses. One fund was said to have $7 million in principal and trading gains while it actually owned securities worth $2.3 million, according to the lawsuit filed in U.S. District Court.
Garman, 69, has controlled and operated the Colorado-based securities funds since about 1997, the lawsuit says. The funds pool money mostly from individuals associated with the Fellowship of Christian Investors, a nonprofit organization founded by Garman as an educational resource “dedicated to teaching biblical principles of money management,” the group’s Web site says.
The lawsuit accuses German of misrepresenting the success of the funds in quarterly statements sent to investors, his “Christian Financial” newsletter, telephone recorded messages and Internet postings.
The SEC accuses Garman of fraud, selling unregistered securities and running an unregistered investment company. It also asks the court to freeze assets of Garman and the funds.
The affected funds are Koinonia Investment Club II, Koinonia Income Account, Koinonia 100/200 and Koinonia Kingdom Club.
In a telephone recording at his home in Springfield, Mo., Garman acknowledged the SEC investigation. He said a receiver had been appointed to oversee the funds and that no funds were being received or disbursed.
Garman did not return a message seeking comment on the lawsuit.
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