Spokane7
68°
September 25, 2011 in City
Alleged Ponzi scheme in Spokane leaves lives shattered
Little Loan Shoppe investors are being sued in bankruptcy court
Several sport utility vehicles, a sports car and a motor home sit in the driveway of Doris Nelson’s home north of Colbert last week.
(Full-size photo)(All photos)
Hundreds of investors victimized in an alleged Spokane-based Ponzi scheme are now being sued by bankruptcy officials attempting to unravel the complicated case of Little Loan Shoppe.
Some investors call it a “salt-in-the-wound” effort to wring money from those who were scammed out of their savings.
But the bankruptcy trustee pursuing this aptly named “claw-back” litigation said it may be the only way to ensure a fair payout. Cash collected from investors who received any kind of payment from Little Loan Shoppe will be pooled with other recoveries and redistributed equitably.
The company collapsed into bankruptcy in 2009; the U.S. Securities and Exchange Commission alleged in a civil complaint filed this week that founder Doris “Dee” Nelson raised about $135 million from more than 650 investors from 1999 to 2008. About 75 percent of the investors were members of the Jehovah’s Witnesses denomination, court records say.
About half of those investors didn’t recover their initial investment, although many received interest payments on their investments, according to Bruce Kriegman, bankruptcy trustee. Some investors were able to withdraw their principal investment plus interest before the payday loan business failed. But about 50 investors have not received anything – the hallmark of a Ponzi scheme where early investors are repaid with deposits of new investors.
The claw-back lawsuits filed in U.S. Bankruptcy Court in Spokane against about 700 investors, affiliated companies and Nelson’s family members have drawn the ire of people who say they have had their retirement nest eggs zeroed out and college savings for children erased. In some instances, families were left destitute.
“We’ve lost everything and can’t even afford to return home,” said Russell Titmas, who invested his savings while performing missionary work in southern Mexico for the Jehovah’s Witnesses. “Now they want more.”
Payday loans ‘a good thing’
Monique Olsen waves a sheaf of legal papers that detail the end of a friendship.
“How could she?” Olsen said last week, during a stopover in Spokane, of her friend Doris Nelson. “I just want to ask, ‘Why? Why did you steal from us? Why didn’t you tell us you were in trouble?’ ”
Olsen and her husband, Steve Briscoe, lost several hundred thousand dollars investing with their friend Nelson, the woman federal investigators say orchestrated the Ponzi scheme behind the veil of seemingly profitable payday loan enterprise Little Loan Shoppe.
Not only did Olsen invest, but she also encouraged her children and a sister to invest in what she was assured was a legitimate business run by her bright and entrepreneurial friend. She even talked her aging parents into safeguarding their money with Little Loan Shoppe and its sunny balance sheets and guaranteed annual returns exceeding 40 percent.
Dee Nelson was selling phone book advertisements during the summer of 1997 when her own financial problems led her right into opportunity.
As a single mother of three living in Mission, B.C., on the outskirts of Vancouver, she borrowed money from a short-term lender. She repaid her loan – plus fees.
She befriended the business owner and soon the two became business partners in a store in the neighboring city of Abbotsford, B.C.
“The deal kind of fell into her lap, but Dee is a smart woman and was astute enough to know what a good thing it was,” Olsen said.
One night over drinks with a group of friends from Mission, Nelson talked about how she had taken over the blossoming business. Her business partner had a conflict of interest and had bowed out.
“Dee needed money because she thought that business was really ready to fly,” Olsen said. “She even considered putting up her house, but worried that if she was wrong, she wouldn’t have anywhere to live.”
So Olsen and several friends there that night agreed to each chip in a couple thousand dollars. Nelson used the money to open two more payday loan stores in Canada, one in Chilliwack, the other in Maple Ridge.
“That’s not the kind of business plan a woman can take to the bank and get a loan for,” Olsen said.
The money soon began to flow and Nelson repaid her friends. They told her to roll their money back into the business.
In 2001 Dee married Dennis Nelson and the couple moved to Spokane, where they eventually operated four stores along with the three in Canada.
The business grew in scope and complexity. Apparently, according to federal authorities, much of it was a fraud.
“It didn’t start out as a bad story,” Olsen said. “It’s just tragic how things have gone.”
Nelson denies wrongdoing
The Nelsons say the Securities and Exchange Commission has it all wrong.
Outside her Colbert home Thursday afternoon, Dee Nelson cried. Her family has been treated unfairly and her business seized, she said.
She is being sued for money she doesn’t have, including $4.9 million trustee Kriegman is attempting to extract to repay investors. Her family – including husband Dennis and her children – are in financial trouble, too, as Kriegman sues to recover another $780,000 from them.
Their large home – valued at about $650,000 – is “mortgaged to the hilt,” Dennis Nelson said.
A Corvette and a Mercedes that were seized by federal officials were leased, not owned, he said.
“We just feel like everything that’s been said about us is one-sided,” he said. “There’s another side to this story. I hope you get it someday because the legal system in Spokane isn’t giving it.”
Dee Nelson referred questions about the case to her attorneys, Conrad Lysiak and Carl Oreskovich.
Lysiak is handling some of the bankruptcy issues. Oreskovich, a noted criminal defense attorney, is advising Nelson on other matters. Oreskovich said Nelson denies any wrongdoing.
There have been no criminal charges filed against Nelson or others associated with the alleged Ponzi scheme.
Frank Harrill, supervisory senior resident agent for the Spokane office of the FBI, told The Spokesman-Review this week that a decision to either press criminal charges or close the investigation will be made this fall.
Olsen, Dee Nelson’s longtime friend, puzzles over how it got so bad so fast.
At one point in late 2008, when the business neared collapse, Nelson called Olsen’s mother in Canada and pleaded with her to invest another $70,000. She was hesitant, but Nelson pressed.
Weeks later, all of it was gone.
“I don’t see Dee as some evil person,” Olsen said, “but how could she do that to my mother? My family?”
She believes Nelson simply got in too deep, too fast. That perhaps she came to owe too much money to the “wrong kind of people.”
And before long it was too late to undo the damage.
Religious leader attracted investors
For most of his life, Russell Titmas plied his carpentry skills into a modest living. He helped build homes and businesses in New Jersey and raised six children.
Even as Wall Street pulsed nearby, “I never invested a dime,” he said. He worked with his hands and kept his earnings within reach.
When he retired a few years back, he answered the call of his religion and moved to southern Mexico. As a Jehovah’s Witnesses missionary, he shared the word of his religion and found community among other missionaries.
It’s where he met Paul Cooper in 2006, a religious teacher and elder with a reputation as a financial rainmaker.
The word among the small network of Jehovah’s Witnesses in Mexico was that Cooper owned a spectacular home in Acapulco, funded charitable works and, if you were chosen, would share his gift.
“There was all this positive talk about him,” Titmas recalled.
So he was thrilled one day when Cooper approached him.
“I was given the chance to make a dream investment,” Titmas recalled. “He called me a special person … and said I had only a brief window of opportunity to invest.”
Cooper offered a chance to invest in a “successful” payday loan business in Spokane. Titmas took a few days to make some calls to trusted friends and religious peers.
“To the person, everyone that I spoke with had positive things to say about (Cooper),” Titmas said. “They were already invested and had good experiences.”
Titmas wanted the financial security, and saw the investment as an opportunity to offer financial assistance to his faith and enhance its missionary work.
“That was our dream, to help others,” he said.
The paperwork detailing his investment and interest payments arrived on cue. He reinvested those interest checks.
Then in 2008 Titmas received a call from Cooper about another big investment opportunity. Titmas jumped at the chance.
He had just sold his home in New Jersey for a $100,000 profit.
“I have no idea where my brains went,” he said, “but I immediately went to the bank, and just like that the money was gone.”
The claw-back litigation is seeking $80,000 from Titmas, even though he lost a total of about $270,000. “I have $2,000 to my name, and now I’m worried that they’ll try to garnish about 30 percent of my Social Security. That’s all I have,” he said.
Lawyers involved in the case refer to these scenarios as affinity fraud.
“People are embarrassed, but the lines of reasoning to make that kind of investment seem to fit for them,” said Ford Elsaesser, a Sandpoint attorney hired by investors who lost money with Little Loan Shoppe.
Many of Elsaesser’s clients are Jehovah’s Witnesses who invested based on the testimonials offered by religious friends and family. He disagrees with trustee Kriegman that the claw-back litigation is the appropriate means to an equitable distribution.
“These people are being victimized twice,” he said.
For his role, Cooper has been sued, too. He had set up his own company that solicited investments for Nelson, skimmed a commission off the top and then wired the remainder to Little Loan Shoppe, according to a court-ordered examination. The trustee seeks more than $2.5 million from him.
Faith and money are so intertwined in this case that some investors who didn’t want to be identified for this story do not believe Cooper, who no longer holds a leadership position in the Jehovah’s Witnesses, did anything wrong.
Cash stockpile dwindling
Kriegman, who was hired as the trustee in April, said he had to file the claw-back lawsuits this summer to meet a rapidly approaching legal deadline.
The purpose, he said, “is to seek a fair return for all investors.”
He acknowledged that such lawsuits are upsetting to those who lost large sums. He declined to speculate on how much money might be recovered and eventually distributed.
Such litigation has gained notoriety in the wake of the vast Bernard Madoff case.
In that unfolding action, claw-back suits have targeted “net winners” – people who got back their principal investment plus interest.
In the Little Loan Shoppe case, most of those people are being represented by Seattle attorney Dillon Jackson, who said if Little Loan Shoppe was a Ponzi scheme, his clients weren’t privy and shouldn’t have to surrender their money. He and Elsaesser’s clients – described as “net losers” because they lost most or all of their principal – will attempt to work together to present other options to handling the case.
The entire endeavor will be expensive in a case that is running short on cash.
The most recent monthly accounting shows there’s about $1.1 million in cash left from Little Loan Shoppe’s operations. The company is also owed about $8 million in outstanding loans, but accountants for the bankruptcy trustee estimate that about $5 million of those loans are uncollectible.
The deteriorating balance sheet is alarming in the face of mounting legal fees, said attorney David Gardner, who represents creditors in the case, which includes many of the people who lost money.
Kriegman, along with accountants and attorneys from Witherspoon Kelley hired to pursue the claw-back litigation, have billed the bankruptcy estate about $450,000.
A special investigator hired to examine Little Loan Shoppe’s business dealings – because the company’s financial reports were so unreliable – is being paid about $356,000.
Kriegman has now hired another team of lawyers to draft a reorganization plan – blueprints for sewing shut the bankruptcy and repaying creditors. A deadline for filing the plan has not been set, though Kriegman said his work as trustee on the case has moved quickly with the interests of all creditors in mind.
He is mindful of the losses and disappointment.
“I don’t think anyone is happy about any of this,” Kriegman said. “We will try to quickly bring about a fair and equitable situation.”
Parishes giving $1.5 million toward settling sex cases 
oneanddone on September 25 at 5:08 a.m.
This has everything to do with greed, on both sides. If someone comes to you and guarantees 40% interest on your investment you know full well something’s amiss. Whatever happens after that is just as much your fault as the crook’s. Don’t whine about being caught.
Robin3663 on September 25 at 5:54 a.m.
(“”It’s where he met Paul Cooper in 2006, a religious teacher and elder with a reputation as a financial rainmaker.
The word among the small network of Jehovah’s Witnesses in Mexico was that Cooper owned a spectacular home in Acapulco, funded charitable works and, if you were chosen, would share his gift.
“There was all this positive talk about him,” Titmas recalled.
So he was thrilled one day when Cooper approached him….”“)
Like father like son OR like mother organization (the Watchtower society) the Watchtower pulls this same *spiritual ponzi scam* with millions of followers.
Promising everlasting life on a paradise earth in the investors lifetime.
rosehips on September 25 at 7:10 a.m.
This is such a sad story of greed, faith and stupidity. When will people learn that Pay Day Loans are a rip-off and if you invest in such a company, you are involved in exploitation of the poor. Shame of Jehovah’s and all who would invest in such a racket.
Jim9876 on September 25 at 7:30 a.m.
Why is it that people expect government to do something about this — like insure fair distribution of what’s left of money invested in this scheme? As we starve the beast [i.e., reduce the size of government] wouldn’t the cost of helping fools investing in an obvious fraud be a good place to cut?
Leo_Z on September 25 at 7:31 a.m.
40% promised? Remember that things that sound too good to be true, probably are. I do feel bad for those involved, but every single one should have known better.
misjustice on September 25 at 7:47 a.m.
Why should “investors” be entitled to anything? I was always cautioned, “invest at your own risk”.
I have noticed that Carl Oreskovich is one of her lawyers; slim shady to the rescue!
D Statler on September 25 at 8:24 a.m.
I am happy the owners of the little loan shop will be brought to justice. This brings back bad memories of the Sandifur kids and the Metropolitan Mortgage fiasco.There were alot more lives effected and retirements ruined.The Sandifurs somehow avoided their prosecution. I hear they are still in the buisness somewhere. Maybe they will get their do justice for the lives they have ruined someday. We can only hope :^(
Albert on September 25 at 8:30 a.m.
Mr. Stucke you did an outstanding job of investigative reporting. This story reads like a novel. I have no doubt that you had to “dig” to get all of this information. Well done!!
In the end of course, greed and nothing but pure greed, was the ultimate drive by everyone involved. Now everyone will end up broke. Justice served.
SpokyDaBear on September 25 at 8:56 a.m.
It’s a very sad story. Now they would be able to celebrate xmas this year…. But then again JW’s don’t celebrate birthdays, xmas or other holidays.. they also don’t believe in paying Federal taxes…..so who cares? Obviously, they are praying to a false God and got what they deserved…. Shame on them for trying to rip off poor people with payday loan sharking…
really_people on September 25 at 9:22 a.m.
You all sound like idiots. Everyone must keep missing the word alleged in the title. Nothing has been proven. No charges filed. This is the same story we have been reading for 2 years and very little information has changed. So am I the only person reading this crap thinking oh my god we still have to hear about this crap. Call me when it’s over or you actually have some sort of evidence or charges or anything really. However this new spin to feel bad for the investors, that’s laughable to say the least! We might as well feel bad for our government while were at it. Get a clue spokane.
schleufer on September 25 at 9:34 a.m.
its kind of like loaning money to a relative. they make payments for awhile then the phone goes dead.
deesdemise on September 25 at 10:06 a.m.
Hahahaha. Its laughable that u still stick up for this monster. “alleged” my a$$. This woman is a crook and I would love to be in the court when they hall her ass off for her stay of 10 to 15. And her greedy family will get what’s coming to them too. they are all cooks from the eldest son who branched off to his own company to the daughter in law that got paid for 3 years for doing nothing. Dee will get hers, lets just hope the rest do too…
The_Seer on September 25 at 10:13 a.m.
spoky: I was thinking the same thing: Why would Jehovah Witnesses want to invest in businesses that practiced predatory lending while preying upon the poor? Is that how they interpret Jesus’ doctrine for aiding the destitute?
I have to also give props to the reporting in this story. I think there is also a good documentary film in this material. Dee goes literally from rags to riches in a matter of years transforming herself from one who utilized predatory lenders to becoming one of the predators. What a grand reversal of the social food chain.
I hope the investigators and the trustee focus on the five million in uncollectible loans. I’ll wager most of them were made to interested third parties and constitute another massive fraud.
The larger question is why the state allows these types of businesses to operate? I thought Washington has usury laws, hence the proliferation of title loan businesses in neighboring Idaho communities where usury laws don’t exist. Certainly an APR of nearly 800% would be considered usury to anyone other than a monstrous, scar knuckled, slick back coifed guy named Vinny operating in the rear of a candy shop.
Scoutster on September 25 at 10:27 a.m.
There is something evolutionarily elegant about the JW being defrauded.
A cult that can’t manage mammon won’t last long.
PetroniusArbiter on September 25 at 11:14 a.m.
{One night over drinks with a group of friends from Mission, Nelson talked about how she had taken over the blossoming business. Her business partner had a conflict of interest and had bowed out.
“Dee needed money because she thought that business was really ready to fly,” Olsen said. “She even considered putting up her house, but worried that if she was wrong, she wouldn’t have anywhere to live.”
So Olsen and several friends there that night agreed to each chip in a couple thousand dollars. Nelson used the money to open two more payday loan stores in Canada, one in Chilliwack, the other in Maple Ridge.
“That’s not the kind of business plan a woman can take to the bank and get a loan for,” Olsen said.}
—REALLY? A bank would not loan money on a business plan like that while having drinks? REALLY? The same banks that would loan too much money to people who had no way to pay it back? REALLY? These money changers got what they wanted and will now get what they deserve. REALLY! Can I get an amen?
force_vector on September 25 at 11:25 a.m.
I feel bad for no one in this situation except for the customers who were taken advantage of. Predatory lending is a disgusting practice and personally, I’m glad that the owner of this establishment and her investors are taking it in the shorts. Anyone involved in a business like this, including employees, should be ashamed of themselves.
DickAdams on September 25 at 11:29 a.m.
Everybody should read last weeks publication of the Inlander. One of the stories is about Forbes magazine, who names the city of Spokane as the “scam capitol” in the good old U. S. of A. Its the second time Forbes has labeled the Lilac City the scam capitol of the nation. Forbes called Spokane, changing its name to “scam capitol” about two years ago.
JJ2014 on September 25 at 11:45 a.m.
Does anyone else find it ironic that well-to-do Jehovah’s Witnesses retire to Mexico as so-called “missionaries” to “help” poor Mexican people, while at the same time those same JWs “attempt” to live off of investments they have made in a business which is designed to take advantage of poor people — in this case, the JWs’ own fellow Americans and Canadians.
Thanks to this reporter for finally explaining more about this “Jehovah’s Witness Connection”. However, even this article fails to explain the full relationship between Paul Cooper and the Nelsons, which must have been “close”, and for a lengthy time period. Also, what was Paul Cooper’s history with the WatchTower Society given that he took money from fellow JWs all across the United States. And, what did Cooper do for a living in Idaho and Washington such that he could retire in luxury in Mexico. Few people get a speeding ticket the first and only time they exceeded the speed limit.
force_vector on September 25 at 11:45 a.m.
DickAdams -
I believe this website would be of interest to you:
http://inlandnw.wordpress.com/about/
JJ2014 on September 25 at 11:50 a.m.
Here are TWO full webpages of similar scams involving Jehovah’s Witnesses. What’s the deal with Jehovah’s Witnesses?
http://jwemployees.bravehost.com/NewsReports/2015.html
EasternGirl on September 25 at 12:22 p.m.
Finally, she is getting the same treatment she threw out to the rest of the world. Why use the word alleged when really the correct term is extremely guilty but just not caught yet!
Take care Mrs. Nelson and thanks for the entertainment!
avboden on September 25 at 1:01 p.m.
so she’s supposedly in deep financial ruin but can hire THE MOST expensive defense attorney and slime bag in the city with Carl Oreskovich?
Squid on September 25 at 1:09 p.m.
Any drug dealer automatically has 100% of their assets confiscated, get representation from a public defender and are denied bail, because they no longer have assets, and they go straight to Walla Walla for many years of hard time. Treat white collar criminals with those same rules, and they would think twice about ever doing this in the first place.
Seems like everyone condones this, because many of the victims have an association to a religious group they disagree with and don’t understand. By that standard, I think it should be fair to steal life savings from Democrats, since I disagree with them and don’t understand their beliefs. Fair is fair.
ronybaby56 on September 25 at 4:29 p.m.
yes anybody who expects big returns no matter how much they have been assured or shown statements as to the profits of a business is. Like when you put money into so called safe long term stocks where you’re promised long term gains and bang they blow up like 2009. then those who lost whine and say its unfair hmmm should they really complain, they know nothing is guaranteed. Or how about all those idiots who bought homes with low down payments for a long term investment and then they lose their home, my goodness it wasn’t their own fault was it? Shouldn’t they have known better, besides they could later retire by selling their house and live off the profit they thought they would make say double or even triple what they paid for it. And whether its the stock market or buying a house or starting your own business, you naturally tell all your friends or family so that they maybe able to benefit too, so if it goes sour who is to blame “everyone” “the one who tried to help you” Shouldn’t all of you out there know better and that no one should invest in anything without it being only your own fault if it goes down.
GIVE YOUR HEADS A SHAKE
Orphan on September 25 at 4:54 p.m.
Squid I usually agree with most of what you say but this time I must disagree. As much as I hate drug dealers confiscating assets from anyone that has not been convicted is flat out wrong.
ronybaby56 on September 25 at 5:06 p.m.
It’s also funny that in all my years in business i met many dishonest people taking advantage of innocent ones. The thing is that all the ones i knew of personally were of a multitude of different faiths and a multitude of those of no faith or even believers in god. And i’m sure that every document in court to do with crimes of some sort are from many different ways of life and beliefs. And i know i was shocked many times who they were affilliated with. However, does that mean those particular bad apples represent every member of their faith/company etc. are all the same. Or that whoever they work for or the organisation they are with that the owners etc are that way to or are they victims of these bad apples too. And if it was your son/daughter mother/father who was bad does that mean your whole family is also. Think about it before you label any particular group.
Squid on September 25 at 5:28 p.m.
Orphan, it’s hard to watch all of the assets get tied up in bankruptcy, in an attempt to keep them, and the stolen cash get spent on a way overpriced lawyer. I think it’s a crime to be able to spend money that you stole, on your defense. It’s like robbing a bank and then using the money you stole to pay for your defense.
I really don’t know the right thing to do, since you are innocent, until proven guilty, but maybe all of the assets should at least be frozen until the the trial is over, especially if the crime involves stealing money. Shouldn’t be possible to keep anything through a bankruptcy, when there is any suspicion of criminal activity. Legal protection of personal assets through incorporation shouldn’t apply either, when that corporation stole and falsified financial documents to steal.
To be honest, I never really liked it when drug dealers got their assets taken, and then the cops keep those assets. Makes it too easy for corruption or revenge. Want to drive someone’s Ferrari? Plant an ounce of coke in their car. I kinda wonder if that ever happens. Seems entirely possible. I think they can even take someone’s house or car that doesn’t, if it
kkrimmer on September 25 at 6:05 p.m.
She even talked her aging parents into safeguarding their money with Little Loan Shoppe and its sunny balance sheets and guaranteed annual returns exceeding 40 percent.
–—
“there’s a sucker born every minute”….
ANYONE promising this type of return should have been shut down … but we don’t want no regulations says conservatives…
CharlyBrown on September 25 at 6:57 p.m.
I can’t believe to see her crocodile tears again; she planed the scam in the beginning of 2007. She hired a Lawyer who is specialized in Bankruptcies, he started over 25 companies for her and her families, she actually admitted this in front of a judge at the last meeting with the investors. I believe this is also called money laundering? She also offered investors in Vancouver BC their own Little Loanshopp’s at a minimum of $100,000 investment, naturally she would own 51% of the individual companies , I guess the investors smelled a rat, after she changed it to 49 % for her and her son, but no one fell for it.
After her husband told her “Honey let them investors lose their $ 80,000,000 bucks “we still can live on my army pension.
He was before his retirement an Efficiency officer with AFB in Spokane
As for the notion that the investors, they actually provided loans to Dee Foster / Nelson, that those people are stupid and greedy, perhaps you need to look at your thumb where it is pointing when you point at others, as of now we are, as a nation with 45 trillion in the hole, we have 35 million without work, we have 45 Million without insurance and you think the Federal reserve bank is a government agency, think again it’s in yellow Pages beside FedEx, now who is more stupid and greedy ?
westerly on September 25 at 7:00 p.m.
Wow, 700 Darwin Awards! Outstanding.
CharlyBrown on September 26 at 9:06 a.m.
I wonder if the local YMCA as well as the local and federal parties and politician were aware that this was a Ponzi when they received Dee Nelson /Fosters and LLS donations.
CharlyBrown on September 26 at 9:09 a.m.
Paul Cooper in 2006 in conjunction with Dee Nelson \ Foster offered condominiums in Mexico which would have been financed by the investment returns from LLS
Sweetfire on September 27 at 6:49 p.m.
The first thing Titmas did that was wrong, was become a JW. The second thing was becoming involved with Nelson. No sympathies
KnowItAll47315 on September 28 at 7:33 p.m.
“Kriegman, along with accountants and attorneys from Witherspoon Kelley hired to pursue the claw-back litigation, have billed the bankruptcy estate about $450,000.
A special investigator hired to examine Little Loan Shoppe’s business dealings – because the company’s financial reports were so unreliable – is being paid about $356,000.
Kriegman has now hired another team of lawyers to draft a reorganization plan – blueprints for sewing shut the bankruptcy and repaying creditors. A deadline for filing the plan has not been set, though Kriegman said his work as trustee on the case has moved quickly with the interests of all creditors in mind.”
When you look at how much the attorneys are charging to “help” the victims, it’s easy to see who the real predators are - as usual. If a higher authority could suspend those lawyers by the ankles, and shake them till all the money fell out, that would be the beginning a good “claw-back” action. The supposed victims in the case aren’t going to see a dime on account of that “trustee”. (If he’s the trustee, who are the trustors?) And the investigator is being paid over a 3rd of a million? Gawd, somebody call the FBI!
Hcklbery on September 30 at 2:58 p.m.
Deu 23:20
Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.
This is what happens when you live contrary to God’s Word.
And it won’t make a bit of difference WHAT you CALL yourselves.
AND
782.14 % interest IS NOT USURY, IT IS LOAN SHARKS AND WHATEVER LAWFUL GRIEF THAT COMES THEIR WAY OUT OF THIS IS ALL JUSTICE.
Milan70 on October 02 at 6:33 p.m.
I’am glad it was not us.
areyouserious on May 26 at 4:16 p.m.
These investors actually try to justify their actions. They’re victims of the clawback lawsuit, but they can’t see how they helped victimize others. Just pathetic.