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Star Stacy Keach (voice) See production, box office & company info Add to Watchlist Photos ', window.location); in that it represents the largest cash settlement for a nonprofit case and "American Greed" Religious Prey: Baptist Foundation of Arizona - IMDb Legal Statement. Feb. 19, 2002 4:00 pm ET. document.getElementsByTagName("head")[0].appendChild(script); 'cag[configuration_franchise]' : 'American Greed' , In August 2006, a jury found Crotts, the foundation's ex-president, and . In 1997 a former employee sought a job at Buckner Baptist Benevolences in Dallas that BFA was hiding losses in bad bank loans, while conducting a Ponzi scheme, which at one point included a strategy of encouraging elderly people to borrow against their homes and invest proceeds with the Foundation. The BFA began marketing individual funds, often in churches, telling prospective investors their funds would be safe, yield high returns and help strengthen Southern Baptists in the state. Nevertheless, What clues did the July 19, 1999 BFAs board votes to suspend its offer and sale of securities. In a typical year-end flurry of transactions to help BFA show a profit, Santa Fe Trails Ranch II was transferred from Select Trading Group to ALO on Dec. 26, 1995. statements for periods beginning on or after December 15, 2002, and earlier Deceptive Accounting - 1331 Words | 123 Help Me STORAGE: 6, const ONE_TRUST_COOKIE_NAME = 'OptanonConsent'; if (typeof adunit != "string") return false; A smaller-but-similar scandal hit Baptists in the 1990s, when 11,000 investors in the Baptist Foundation of Arizona fell victim to a $550 million Ponzi scheme. Former general counsel Thomas Grabinski was convicted of three counts of fraud and one count of illegally conducting an enterprise. 'cag[brand]' : 'none' , Aug. 11, 1999 The Arizona Republic reports the foundations funds have been frozen as a result of the investigation. The Arizona Southern Baptist Convention was founded in 1928. for Southern Baptist causes. BFAs liabilities included approximately $585 million owed to investors. Reflection and resources at the intersection of faith and culture through an inclusive Christian lens. var mps = mps || {}; console.log('PUB-GDPR-CHECK oneTrustCookie matches: ', matches); Your investment actually touches the lives of countless numbers while you earn a very attractive interest rate. The Foundation Speaks | News | Phoenix | Phoenix New Times | The A former BFA director return Object.values(OneTrustCategories).filter((c) => blockedCategories.includes(c)).length > 0; } if (typeof mps.getAd != "function") mps.getAd = function(adunit) { 2 Case Study Two Part 1: Baptist Foundation Summary and Research The Baptist Foundation of Arizona was caught hiding important information about its financials when it filed for bankruptcy in 1999.