The Gaston Gazette in Gastonia, North Carolina

Regulators warn of scams using religious beliefs to steal

State securities offices warn that schemes leveraging faith to lure investors have cost billions. Regulators cite 27 states taking actions against promoters tied to groups like Greater Ministries International Church and the Baptist Foundation of Arizona, with tens of thousands affected and a major Ponzi scheme under scrutiny. The total losses include 20,000 investors who mortgaged homes or cashed retirement funds for promised Caribbean and African mining profits. arrests and convictions followed, with bankruptcy for the Arizona foundation and guilty pleas from several officials. Investors recount trust in faith-based promoters and warnings to do due diligence.