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    « Watchtower article creates furor in UK | Main | Jehovah's Witnesses sue media »
    Monday
    Sep262011

    Ponzi scam targetted Jehovah's Witnesses

    DateMonday, September 26, 2011 at 8:40AM

    The company collapsed into bankruptcy in 2009; the U.S. Securities and Exchange Commission alleged in a civil complaint filed this week that founder Doris “Dee” Nelson raised about $135 million from more than 650 investors from 1999 to 2008. About 75 percent of the investors were members of the Jehovah’s Witnesses denomination, court records say.

    About half of those investors didn’t recover their initial investment, although many received interest payments on their investments, according to Bruce Kriegman, bankruptcy trustee. Some investors were able to withdraw their principal investment plus interest before the payday loan business failed. But about 50 investors have not received anything – the hallmark of a Ponzi scheme where early investors are repaid with deposits of new investors.

    THE SPOKEMAN REVIEW

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