Christian Ministries Return Their Ponzi Profits To Victims' Fund
by Allie Martin
May 4, 2004
(AgapePress) - More than 1.4 million dollars has been dedicated to a victim's compensation fund developed by Christian ministries that unwittingly benefited from an investment scheme.Last fall California businessman Greg Setser was indicted along with several associates in connection with a Ponzi-type program that allegedly bilked churches and ministries of millions of dollars.
Setser encouraged religious organizations and churches all over the country to invest nearly 160 million dollars in an import-export business that never existed. Initial investors received some profits from other victims of the fraud.
Now several ministries, including Christ for All Nations, Marilyn Hickey Ministries, and Benny Hinn Ministries, have contributed their profits from the scheme to the victims' compensation fund.
Dennis Roossien, the receiver appointed to oversee victims' claims in the case feels in general that churches would be well advised to stay out of the investment business. "It's not an easy thing to be in the business community and try to do the work of the Church at the same time. It's just a difficult thing," he says.
And when churches or ministries do find it necessary to invest money that has, for whatever reason, been entrusted to them, Roossien says they should "make sure that they have the same type of professional support and due diligence that everyone in the normal business community would look to."
Marily Hickey Ministries, Benny Hinn Ministries, and Christ for All Nations were the first Christian organizations to step forward to contribute money to the compensation fund.
Roossien encourages other churches and ministries to step forward and contribute their profits to the fund as well. "It's an opportunity to show that the Church responds differently than other people under these types of circumstances," he says.
The court-appointed receiver also notes that a receipt is provided to contributors who provide an accounting and return the profits, "just to make sure that folks know that we don't have anything up our sleeve," he says.
