State regulators took action Wednesday to shut down a non-profit company that has been promising to fund Christian charities and pay investors 24 percent annual returns.
The Arizona Corporation Commission accused the owners of Nakami Chi Group Ministries International of securities fraud and selling unlicensed securities.
The state is asking an administrative judge to impose fines for various state violations and to order Nakami to pay restitution to investors.
Nakami co-owner Ed Purvis has denied any wrongdoing.
He and Gregg Wolfe, the other owner, told investors at churches in as many as 10 states, including Arizona, that their company was worth $170 billion and controlled assets around the world.
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