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.

Article continues below Ad:

          

A news report from July 2009:

Source

(Listed if other than Religion News Blog, or if not shown above)
, , ,

Religion News Blog posted this on Tuesday October 12, 2010.
Last updated if a date shows here:

   

More About This Subject

AFFILIATE LINKS

Our website includes affiliate links, which means we get a small commission -- at no additional cost to you -- for each qualifying purpose. For instance, as an Amazon Associate, Religion News Blog earns from qualifying purchases. That is one reason why we can provide this research service free of charge.

Speaking of which: One way in which you can support us — at no additional cost to you — is by shopping at Amazon.com.

Travel Religiously

Book skip-the-line tickets to the worlds major religious sites — or to any other place in the world.