Religious and Ethnic Backgrounds Exploited in Investment Scams

August 8, 2001

Source: The Boston Globe

On August 8, 2001, The Boston Globe reported that "fraud artists increasingly are preying on people based on their religious and ethnic backgrounds, members of the North American Securities Administration Association said at a press conference in Washington. The news came on the heels of prison sentences...for two former members of a Tampa church, who bilked fellow churchgoers of nearly $580 million on 'divinely inspired investments.'...'I've seen more money stolen in the name of God than in any other way,' said...NASAA president.