Former Import-Export Company CEO Convicted (religious scams)

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.

http://www.chron.com/disp/story.mpl/ap/nation/3963783.html

crap done in his name and weeping ...

SETSER, GREG
ONTARIO,CA 91764
10/3/2002
$1,500
National Republican Congressional Cmte

SETSER, GREG
RANCHO CUCAMONGA,CA 91729
12/31/2002
$1,500
National Republican Congressional Cmte

SETSER, GREG
ONTARIO,CA 91764
10/8/2002
$500
National Republican Congressional Cmte

SETSER, GREG MR
ONTARIO,CA 91764
3/3/2003
$2,500
National Republican Congressional Cmte
http://www.opensecrets.org/indivs/search.asp?NumOfThou=0&txtName=setser&txtState=%28all+states%29&txtZip=&txtEmploy=&txtCand=&txt2006=Y&txt2004=Y&txt2002=Y&Order=N


There is a Canadian connection to the case, although I don't see anything that comes right out and says that Setser lived in Canada.

The Canadian case revolves around a massive faith-based investment scheme set up by a California man, Gregory Setser, that the U.S. Securities Exchange Commission says was pitched through evangelical churches. The U.S. and Canadian victims lost more than $160 million US.

Setser, four family members and a German business associate have been on trial in Dallas, Texas, accused of inventing a huge Ponzi scheme in which early investors were paid with money invested by later victims.

The scheme, which also drew in well-known Christian televangelists, including Benny Hinn, who started his ministry in Toronto, ran between 2000 and 2003.
http://www.canada.com/vancouversun/news/story.html?id=0762528e-107b-4385-a688-d4458facc6d4&k=35322&p=1

Is this a crime?

:sarcasm:

Our whole way of life is beginning to look
like a "Ponzi" scheme.

June 12, 2006, 2:01PM
Former CEO of import-export company convicted in religious scam


By JULIA GLICK
Associated Press

DALLAS -- The former top executive of an import-export company was found guilty today of cheating hundreds of ministers and churchgoers out of $65 million by promising huge profits for doing God's work.

Greg Setser, who was chief executive of the now-defunct company IPIC International Inc., was convicted of 22 counts, including fraud and conspiracy. He could be sentenced to up to life in prison.

The government alleged Setser, 49, and three others in the company duped 1,700 or so investors, using the money for extravagant purchases such as yachts and planes.
(snip)

Prosecutors had argued that IPIC won over investments and support from prominent Christian leaders like Hinn then persuaded their followers and associates to invest. But the company never did any real business and used investor money on a $2 million yacht, planes, cars and plastic surgery, prosecutors said.
(snip/...)

http://www.chron.com/disp/story.mpl/metropolitan/3962617.html

~~~~~~~~~~~~~~~~~~~~~~~

Religious Swindler Case Approaches Closing

Monday, May. 22, 2006 Posted: 10:26:21AM EST

DALLAS (AP) - 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, Panama, Greece, Germany and other locations.
(snip)

"Many people lost more than they can afford to lose, in some cases, their entire life savings," said Dennis Roossien, Jr., who handles investors' claims from the federal government's successful civil case against Setser. "There was also a loss of faith and trust in many churches, which were, in every other respect, doing the Lord's work."

The U.S. Securities and Exchange Commission found IPIC liable for investors' losses in 2004, and has liquidated its assets, including a $2.2 million yacht, a helicopter, two small airplanes, a Hummer and several other cars, said Roossien, the court-appointed receiver.
(snip/...)

http://www.christianpost.com/article/technology/734/section/religious.swindler.case.approaches.closing/1.htm

It's against the law for people to swindle preachers, but not the other way around.

Poor, poor, modest, honest healer Binny Hinn!



Not to be confused with John Lovitz

When a bunch of tax exempt, alledgedly non profit feeders at the public trough, led by their head swindlers, get burned making a profit---it gets me giggly.
Maybe I'm just too tired and not feeling sympathetic enough, but with the horror being perpetrated by the churches, the ministers, the self righteous twirps of society, my sympathizer gear just can't get up to speed.

Or, as my good friend, wierd Harold, would say:
F...U...K...M!

Damn you Setser. Do you know how many people Hinn had to "heal" in order to get that kind of money.

On a more serious note, sometimes before going to bed I would just go thru channels trying to delay going to sleep and every time I would stop and watch Hinn and just laugh so hard at this crooked, crooked man that my wife would wake up and question my sanity for even having him on our TV.