- The Washington Times - Tuesday, April 14, 2009

NEW YORK (AP) - Five leaders of a New York City church have been accused of ripping off more than $10 million from elderly worshippers in a hedge fund scam.

Federal authorities allege the men purposely sought to exploit people at the church in Queens.

Court papers filed Tuesday say the defendants raised about $12.3 million in investments in two crooked funds with false promises of up to 70 percent returns. They’re accused of losing $10.2 million.

Authorities also say the men raided the funds to pay for expensive meals, foreign travel and other luxuries. One purchase was a $200,000 Bentley.

They face up to 20 years in prison if convicted of securities fraud.


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