Friday, June 25, 2010

TV Minister Pleads Guilty To Jewelry Scam

New York: A television pastor from Hamptonburgh pleaded guilty Tuesday in federal court to scamming investors out of approximately $3 million for a phony jewelry business.

Samuel Solanky, 63, who ran Vandana, a Christian cable television show, pleaded guilty to one count of wire fraud. Prosecutors alleged that between 2005 and 2009, Solanky offered several individuals, including people he had met at religious events, the opportunity to invest in a gemstone business he was starting. He promised a 100 percent return on their investment within months.

Read More: Samuel Solanky

Solanky admitted there was no gemstone business. Instead, the money he received was wired abroad and withdrawn in cash. In 2002, Solanky pleaded guilty to federal tax evasion. Solanky faces up to 20 years in prison and a $250,000 fine.

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