Woman who skipped hearing pleads guilty

A 51-year-old Canton woman facing prison in a multimillion-dollar securities fraud case pleaded guilty Tuesday to a failure-to-appear charge after she skipped out on her sentencing last year.

Cynthia Setser was arrested in Florida in December, 11 months after she skipped a hearing in Dallas where she was to be sentenced for her role in a multimillion-dollar pyramid scheme spearheaded by her husband, Gregory Setser.

The scheme, aimed largely at Christian investors, including televangelist Benny Hinn, bilked hundreds of people from Texas and California out of more than $170 million before the FBI shut down the Setsers’ sham import company, IPIC Investments, in 2003. Mr. Setser received 40 years in prison.

Ms. Setser could receive five years in prison on the failure-to-appear charge and five years on the securities fraud plea. Sentencing is set for Sept. 12.

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Religion News Blog posted this on Wednesday June 18, 2008.
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