UK Megachurch Loses $4.8 Million in Ponzi Scheme Promising 55 Percent Return in 1 Year

A 12,000-member megachurch in Britain lost the equivalence of $4.8 million in charitable funds after trustees carelessly invested money in what later turned out to be a ponzi scheme headed by a former Premier League soccer player. According to an inquiry report published last week by the Charity Commission for England and Wales, the Kent-based Kingsway

International Christian Centre came away with a net loss of about $4.8 million (£3.9 million) after its trustees forked over a total of $6.1 million (£5 million) in four installments between June 2009 and June 2010 to a former trustee who guaranteed that the investments would earn a sizable return totaling about 55 percent in a year. READ MORE