Posted on 09/07/2023 10:04:33 AM PDT by Morgana
“The SEC should yes, be able to go after the company who made the donations, but they should have to get whatever money that company owes out of a suit against the company, not by asking the church to pay the money back. The ONLY fraud is on the part of the company, not the church.”
The company has no money. Do you believe it OK to keep stolen goods?
The company has assets the SEC can demand be sold by the SEC putting a lien on them.
In legal circles, “clawbacks” are referred to as “Voidable Transfers”. Every State has a (”Uniform Voidable Transfer Act”) UVTA statute. It is routinely used in bankruptcies and civil judgment collections. There are around 11 different factors courts will look at when deciding whether to void a transfer of personal or real property.
“The company has assets the SEC can demand be sold by the SEC putting a lien on them.”
The lawsuit seeks those assets, however
It was a ponzi scheme. The only assets were other peoples monies which he gave away
A group I've never heard of before - LCMC - "Lutheran Congregations in Mission for Christ". Claims to not be a denomination, but an association of independent congregations.
LCMC is anti queer / no woman preachers that look like men/ no social justice stuff.. At least that’s how it was recently. Makes sense now, doesn’t it..
The church doesn’t seem to think it’s right either, and has been paying the money back…..the SEC is forcing the remaining balance immediately threatening the unwitting church (trying to do the right thing) with closure. How is that right?
A money grab by the government. And if they get away with it you can bet they’ll go after more church organizations. It’s a huge untapped source of revenue that they’re salivating about.
Thanks. It seems like another way to subjectively target something.
Correction. I may have to eat my words .
I was thinking LCMS (Lutheran Church Missouri Synod)
😔😝
As a teen, I was arrested for receiving stolen property that I didn’t know was stolen. The cop said I should have known.
“the SEC is forcing the remaining balance immediately threatening the unwitting church (trying to do the right thing) with closure.”
You made that up! As part of the judgement from 2019 an installment plan was set up. Penalties accrue if not me but no threats of closure.
“A money grab by the government.”
No! A lawsuit from an investor.
“So far the church has repaid $480,000 from cash reserves and donations and needs to raise another $300,000 within the next two months, or else they say they’ll be forced to sell their building and property to repay the balance owed.”
I saw this movie. Any chance they raised a couple of orphans who became musicians?
I like how your mind works.
This is what they get for preaching somethign bigger than government.
McCarthy stopped the 87,000 new agents, don’t you know?
We’re only hiring 86,999.
“the SEC is forcing the remaining balance immediately threatening the unwitting church (trying to do the right thing) with closure.”
Nope. The SEC seized the assets of the ponzi company and appointed a receiver who the filed a civil suit reclaim lost money for the investors. The judge in that suit, not the SEC is deciding the repayment criteria.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.