Investors with troubled firm have Mormon ties

Austin American-Statesman ^ | Jan. 16, 2010 | Eric Dexheimer and Tim Eaton

[Colofornian]

From the article: Affinity fraud among Latter-day Saints members has been common enough that the church leadership has issued periodic advisories about it...interviews...indicate there was a group whose fortunes were even more tied to Triton: members of the Church of Jesus Christ of Latter-day Saints, or Mormons.

There's been so many that at least a half-dozen FR threads on financial fraud schemes occurring horizontally from one Lds member to another have popped up over the past year.

From the article: Today, Gordon also says she is paying the price for placing her trust in Barton. The widow said she remains stunned by her sudden reversal of fortune. "It was my income," she said. "Now, I have to get out and look for a job. I'm still numb."

[Traveler59]

Any investment fraud aways begins with gaining your trust. I feel sorry for their losses, but the old adage "anything too good to be true...". I don't feel the Mormons have cornered the market on investment fraud.

- Traveler

[Inkie]

How many financial frauds were NOT perpetrated by Mormons? I’ve heard the same bigoted remarks about Jews. Or, for that matter, conservatives.

Let’s get off of this track and agree that despicable people come from all creeds and colors.

[ApplegateRanch]

After Austin resident and financial adviser Derrich Pollock died in a plane crash in February 2007, many fellow congregants of Great Hills Baptist Church who had entrusted their money to him were shocked to learn they had been participating in what court documents called a multimillion-dollar Ponzi scheme. Pollock reportedly liked to take friends for rides in his plane to show them where he communed with God.

What religion was Bernie Madoff?

Barney Frank/Mr. Raines/?

How about some of the others in recent pyramid/ponzi schemes?

Why is it relevant here, that there were "LDS ties", other than the LDS “leadership has issued periodic advisories about it...”?

The same thing happens in both religious and secular service organizations, charities, country clubs, and other groups; not just churches.

So again, why the emphasis on LDS, even though the article does speck to other groups? What is the (not so) hidden agenda?

[humblegunner]

Pollock reportedly liked to take friends for rides in his plane to show them where he communed with God.

Didn't Jody see something like that through his peeping-tom rock?

[dennisw]

My friends Filipino wife left Catholicism and joined an evangelical sect. He is upset since he is Catholic.

She is always falling for affinity scams. A constant steam of small hustles.

[thecodont]

I don’t think affinity hustles are restricted to any one denomination or religion.

[Little Bill]

This is a hit piece on the Mormons. My cousin Dick was the comptroller for Rite Ade, he was very good at what he did and said that people should buy Rite Aid. People bought Rite Aide, it went down the Toilet, who is to blame, Dick who gave an honest opinion, though he was an evil Mormon or the market.

[TStro]

A business associate tried to sell my business partner and I into a pyramid scheme two weeks ago. Of course, he swore it wasn’t a pyramid. But when he drew it on the board, it was a classic pyramid. I was born at night, but I wasn’t born last night. And it was only going to cost me $500 to get started! After five iterations, there would have to be 67,000 people under me to make it, IIRC. LOL. I don’t have that many gullible relatives.

[Cu Roi]

Well, on the upside, at least these investors seem to know when they've been had, unlike those chumps out there still waiting for their Dream Mine stock to shoot through the roof.

Seriously though, could that stake in Austin find itself in the crosshairs of Texas or Federal securities investigators for putting it's imprimatur on this guy? Does the stake leadership have any direct ties to Barton or his firm (i.e. conflicts of interest)?

[panaxanax]

Big bump to that! Just another chance to attack Mormons from the usual suspects here at FR.

[svcw]

Part of the reason, I think, is that ldsers tend to dismiss this in their organization. Or deny that it could happen, even when proved there seems to be a reason ie: well the perp was not really an ldser.
Where as in other faith based group frauds, these group will stand up and be embarrassed by the perp.

[teppe]

.... your either an prudjudiced or just an idiot! I personally know and individual who was excommunicated from the LDS church for fraudulent business deals.

After the miriad Mega-Church Ministers who have been caught in sexual or fruadulent situations .... I think you ought to keep your hypocracy to yourself.

[Does so]

New England "Christian Church" as well:

http://www.winnipesaukee.com/forums/showthread.php?t=8897

[ApplegateRanch]

Colofornian hasn't answered anyone yet.

Cat (i.e. Viking Kitties) got his tongue?

Or is Colofornian just suddenly ashamed of posting this blatant hit piece?

[svcw]

ooohhhhhhhh Personal attack (why am I not surprised).

If you remember I said "part of the reason". Which implies it is not the only reason.

[Not gonna take it anymore]

I’m not quire sure why you think this is an attack on Mormons.

Seems tome to be to be a cautionary tale to not be taken just because someone sits in the pew next to you.

Could happen with any religion.

[Colofornian]

How many financial frauds were NOT perpetrated by Mormons? I’ve heard the same bigoted remarks about Jews. Or, for that matter, conservatives. [Inkie]

What religion was Bernie Madoff? … How about some of the others in recent pyramid/ponzi schemes? Why is it relevant here, that there were "LDS ties", other than the LDS “leadership has issued periodic advisories about it...”? The same thing happens in both religious and secular service organizations, charities, country clubs, and other groups; not just churches. So again, why the emphasis on LDS, even though the article does speck to other groups? What is the (not so) hidden agenda? [Applegate Ranch]

I don’t think affinity hustles are restricted to any one denomination or religion. [thecodont]

This is a hit piece on the Mormons. [Little Bill]

Just another chance to attack Mormons… [panaxanax]

Lds are 2% of the U.S. population – and about 2.5%-3% of the religious population. So you’d expect to see Lds responsible for these schemes in about 3% of the church-related schemes, right?

So, y’all, please explain, why in less than 10 months, we’ve seen all these journalists’ Lds-based articles, as noted on these FR threads (this is the seventh article in less than 10 months – many of these involving Ponzi schemes from Sacramento, CA, to Aurora, CO to Texas to Utah)?

Please inform us ALL of you -- if this is such a rampant epidemic in other denominations or religions -- which denominations are you referencing? (Name names)

If you can't, stop the innuendo that this is a "rampant epidemic" problem in Christian denominations vs. an occasional problem in those denominations...and start producing facts like what you see as follows below:

Besides, I think we all, myself included, could be better instructed on how to actually empathize with all the $ victims behind all these articles listed below -- including well-off older widows who suddenly have to hunt for jobs. (I noticed all of you have basically, by having the above as your first post response, wind up either intentionally or inadvertently siding with the fraud perps!!! Where's our hearts for the victims here?)

Man Who Defrauded Fellow Church Goer Pleads Guilty
Source: www.connect2utah.com (KUTV) Jan. 7, 2010

Lindon Man Accused of Trying To Kill Witnesses To Alleged Scam
Source: MidUtahRadio.com, Nov. 19, 2009

Calif. Man Charged with $40 million Ponzi scheme
Source: AP, March 20, 2009

Man Who Defrauded Fellow Church Goer Pleads Guilty
Source: Fox News, April 8, 2009

Merriman's church donations may be tainted [Mormon Ponzi schemer's tithe monies ill-gotten?]
Source: Denver Post, April 24, 2009

LDS Church returned $200K in Southwick Tithing
Source: AP, Sept. 14, 2009

From this article: Affinity fraud among Latter-day Saints members has been common enough that the church leadership has issued periodic advisories about it...interviews...indicate there was a group whose fortunes were even more tied to Triton: members of the Church of Jesus Christ of Latter-day Saints, or Mormons.

[svcw]

Oh, snap. ;-)

[thecodont]

I’m not siding with the fraud perps at all. Sorry if you misunderstood my post. I am very sorry that trusting people have been taken in by these monsters.