Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Janice Shell who wrote (4742)	11/26/1999 1:32:00 PM
From: TideGlider	Read Replies (1) \| Respond to of 7056

Some recent examples: In Arizona, the Baptist Foundation of Arizona is a recent example of an affinity fraud. The Corporation Commission issued an order requiring the Baptist Foundation of Arizona and two related corporations, Arizona Southern Baptist New Church Ventures, Inc., and Christian Financial Partners, Inc., to cease and desist from violating the Arizona Securities Act in offering and selling their investment products. The three nonprofit corporations have sold more than $530 million in investments involving promissory notes, to more than 13,000 investors throughout the United States. An investigation conducted by the Securities Division revealed that the Foundation had misrepresented its financial condition to investors. In Florida trial has been scheduled for seven officials of the Tampa-based Greater Ministries International Church. They are charged in a 20-count federal indictment alleging conspiracy, money laundering and mail fraud. State securities regulators and prosecutors believe Greater Ministries operated a massive Ponzi scheme that may have defrauded more than 17,000 investors nationwide of as much as $200 million. Investors, many of whom are fundamentalist Christians, are located throughout the country including Arizona. The defendants told investors that their money would double in 17 months or less. Investors were quoted Luke 6:38: "Give, and it shall be given unto you." Greater Ministries officials told investors that state and federal securities laws did not apply to them because the investments were "gifts" to the Church and the payments from the church to investors, called "blessings," were not subject to taxes.