Monday, May 10, 2010

Praying For Profits

Georgia: Two executives of the Christian Integrity Bank have been charged with selling fraudulent loans in exchange for hundreds of thousands of dollars in bribes.

The two executives, Douglas Ballard and Joseph Todd Foster, were charged with conspiracy, insider trading and bank fraud, according to the indictment. Mr. Ballard was also charged with bribery.

Read More: Christian Integrity Bank

One local developer who received an $80M loan kept $20M in a private checking account and used the money to buy a private island in the Bahamas.

Founded on Christian principles in 2000 in an Atlanta suburb, Integrity used the motto “In God We Trust.” The bank gave customers free Bibles, and employees prayed together at meetings.

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