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Preying on Faith

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May 19, 2008 – Comments (3)

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..."

3 Comments – Post Your Own

#1) On May 19, 2008 at 8:16 AM, iamamartin (98.45) wrote:

Trust in God, but cut the cards !

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#2) On May 19, 2008 at 9:35 AM, TMFBent (99.83) wrote:

- and tie up your camel! 

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#3) On May 19, 2008 at 9:57 AM, joeykid13 wrote:

Who would invest with a guy named Slye...LOL  This healthcare worker was arrested last week in Florida for draining the bank account of a senior citizen here...her last name...I kid you not...Cheatum...LOL  This is TRUE...the truth is stranger than fiction.  Anyway, the way I see it...if someone is really good at investing money, they wouldn't need to use other peoples money...also, if the trust their investment instincts, they shouldn't be afraid to put their own money at risk.  I advise everyone to do their own homework, learn the business, and FIRE the snake oil salesman.  PS...love the play on words...preying...very witty!

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