Posted on 09/07/2023 10:04:33 AM PDT by Morgana
“This is what they get for preaching somethign bigger than government.”
Nope. This is what you get when a Civil lawsuit is filed to recover stolen money.
investigate the mormons!
“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.”
Take out a loan ...
“How is the SEC involved anyway in the first place?”
The company was shutdown by the SEC for ponzi scheme violations and assets seized by the SEC which the appointed a receiver for the company to reclaim lost money.
The receiver then filed a civil lawsuit against the “pre seizure” company and officer and several other entities including this church.
Ghastly. It’s an LCMC—Lutheran Congregations in Mission for Christ.
Maybe the church was helping the crook launder some money.
I think the Lutherans are getting as bad as the Presbyterians. Used to be Missouri, Wisconsin, and ELCA. Look like this group has around 900 churches and I’ve never heard of them. So now I’m wondering what other Lutherans I haven’t run across.
Incorrect.
A receiver is appointed by either regulators or bankruptcy judges. Receivers are EXTREMELY evenhanded in executing clawbacks — often, their own compensation on winding down the scheme is tied to how much can be recovered.
I have seen a CA High School get sued by a receiver because their football stadium had gotten $3MM of upgrades with ponzi scheme thefted monies. The school was having a tough time coming up with the scratch to repay the people that lost everything in the scheme they benefited from...
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