Preying on Faith
This story is all too familiar. "Investment managers" who can talk the talk extracting large sums from groups of faithful, pay out some of the later takings to early "investors" a la Ponzi, then, well, you know the rest.
Litigation Release No. 20582 / May 16, 2008
Securities and Exchange Commission v. Safevest, LLC, et al., (C.D. Cal.), Civil Action No. SACV08-00473 JVS (MLGx)Preliminary Injunction Entered in $25 Million Dollar Fraud Action in Orange County
The full complaint gives the gory details.
This guy appears to live about 2 blocks from the trail I ride to work on. I'm going to have to check out his pad next time I pedal by, see how large he's living. From the live.com bird's eye pictures, it doesn't look all that posh, however it appears that two of the neighbors have trampolines in the backyard, so that says something.
"John V. Slye is the Chief Executive Officer ("CEO") and an owner of Safevest. Slye is a signatory on several of Safevest's bank accounts. Slye claims to be an ordained minister and one of the founders of the National Foundation for Cancer Research. Slye resides in Arlington, Virginia..."