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"Just the Lord" Fleeces His Flock of $50 Million
Posted by Pile
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 Randall W. Harding sang in the choir at Crossroads Christian Church in Corona, Calif., and donated part of his conspicuous wealth to its ministries. In his business dealings, he underscored his faith by naming his investment firm JTL, or "Just the Lord." Pastors and churchgoers alike entrusted their money to him.
By the time Harding was unmasked as a fraud, he and his partners had stolen more than $50 million from their clients, and Crossroads became yet another cautionary tale in what investigators say is a worsening problem plaguing the nation's churches. |
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Billions of dollars has been stolen in Christian religion-related fraud in recent years, according to the North American Securities Administrators Association, a group of state officials who work to protect investors.
Between 1984 and 1989, about $450 million was stolen in Christian-related scams, the association says. In its latest count - from 1998 to 2001 - the toll had risen to $2 billion. Rip-offs have only become more common since.
"The size and the scope of the fraud is getting larger," said Patricia Struck, president of the securities association and administrator of the Wisconsin Department of Financial Institutions, Division of Securities. "The scammers are getting smarter and the investors don't ask enough questions because of the feeling that they can be safe in church."
Cases in recent years show just how vulnerable religious communities are.
Lambert Vander Tuig, a member of Saddleback Church in Lake Forest Calif., ran a real estate scam that bilked investors out of $50 million, the Securities and Exchange Commission says. His salesmen presented themselves as faithful Christians and distributed copies of "The Purpose Driven Life," by Saddleback pastor Rick Warren, according to the SEC. Warren and his church had no knowledge of Vander Tuig's activities, says the SEC.
At Daystar Assembly of God Church in Prattville, Ala., a congregant persuaded church leaders and others to invest about $3 million in real estate a few years ago, promising some profits would go toward building a megachurch. The Daystar Assembly was swindled and lost its building. |
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| Posted by Carl Greenwald on 2010-08-20 22:39:24 | He only got 6 years he could be out in 4 still owes 17 million- thats justice?
He might have hid a couple of mil in offshore accounts easily. |
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