Wednesday, November 17, 2010

Pastor Involved In $3.3 Million Ponzi Scheme

Michigan: A federal agency is going after the Holland-area financial advisor and the church pastor in South Carolina it claims is responsible for scamming 70 people out of $3.3 million along the lakeshore and two other states.

The US Commodity Futures Trading Commission is accusing Mick Bos and The Rev. Ron Satterfield, pastor of an Episcopal church in Charleston, South Carolina, with running a foreign currency Ponzi scheme.

The agency says Satterfield, supposedly a hotshot foreign currency trader, actually used only part of investor funds and lost all of it. The complaint alleges the pair issued bogus account statements that covered up the actual losses.

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