Category: IPIC International
Her husband Gregory Earl Setser was sentenced
to 40 years in prison for his involvement in the scheme. His sister Deborah S. Setser was convicted and sentenced to 15 years in prison and Joshua Nathan Setser was sentenced to two years in prison.
Beginning in 2000 in North Texas, the defendants devised a scheme to induce people to enter into investment contracts with IPIC.
churches, ministries and religious organizations and their pastors, leaders and members and represented to investors that IPIC was a highly successful import/export business.
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.
Cynthia Setser, who was in hiding for a year after skipping out on a sentencing hearing before a Dallas federal judge in a multimillion-dollar securities fraud case, pleaded not guilty this week to a charge of failure to appear.
Targeting mostly Christian investors, including televangelist Benny Hinn, through churches and other groups, Mr. Setser claimed that his company, IPIC Investments, could produce up to 50 percent returns by buying cheap, foreign-made products that would be sold to major U.S. retailers such as Michaels, Hobby Lobby and Costco.
A 50-year-old Canton man facing a life sentence after masterminding a multimillion-dollar Christian-based investment scam was apparently trying to arrange to have U.N.-backed armed commandos bust him out of the federal prison, according to court testimony Tuesday.
Former Import-Export Company CEO Convicted DALLAS — A former import-export company executive who claimed to have a God-given gift for making deals was found guilty Monday of cheating ministers and their congregants out of about $65 million. Greg Setser, founder of the now-defunct IPIC International Inc., was convicted of 22 counts of fraud, conspiracy and money laundering. The charges carry a maximum sentence of life in prison. Federal prosecutors alleged that Setser, 49, and others ran a sham company that promised churches and religious investors the chance to make huge profits. Some 1,700 investors were duped, with the defendants spending
The jury hearing the conspiracy and fraud trial of an import-export company founder accused of bilking religious investors out of $65 million is expected to get the case this week. Nearly 100 witnesses ranging from accountants to investors to pastors, including televangelist Benny Hinn, have testified so far in the trial of Greg Setzer, 49, his daughter Charnelle; his sister-in-law Deborah and his business associate Thomas Henschke. The charges stem from their work with IPIC Investments, Inc., a company Greg Setser started in Canton, Texas and then based near Los Angeles. The company also had offices and warehouses in Florida,
International evangelist Benny Hinn is slated to testify Monday morning in a Dallas federal court. Hinn will appear at the trial of Gregory Setser. Setser and three others are accused of defrauding more than a thousand Christian investors of $173 million. They poured their money into a profit-sharing import company, IPIC Investments, from 2000 to 2003. Hinn and other well-known evangelists praised and endorsed the IPIC venture. Benny Hinn Ministries is based in Irving.
Man, 3 others accused of conning a thousand Christian investors Prosecutors rested their case against a former Canton merchant and three others Thursday afternoon after two months of testimony focused on how a faith-based Ponzi scheme bilked millions out of evangelical Christian investors. Gregory Setser, two family members and a business associate are accused of defrauding more than a thousand investors who poured $173 million into his profit-sharing import company, IPIC Investments Inc., from 2000 to 2003. During the last two months, more than 70 witnesses testified for the government about IPIC’s meteoric rise and disastrous fall. In the meantime,
Evangelists set to testify – in federal court When Gregory Setser’s import empire came crashing down two years ago, little was left to pay back hundreds of investors and church groups who funded his International Product Investment Corp. with at least $160 million. Big-name evangelists and everyday churchgoers are among those who were invited to invest in a plan to import cheap, foreign-made goods for pre-arranged sales to retailers like Garden Ridge, Kmart, Michaels and Pier 1. But what remained after the Securities and Exchange Commission shut the company down serves as testament to the lavish California lifestyle of Mr.