In recent news, the scandalous Bishop Eddie Long of New Birth Missionary Baptist Church and others are being investigated for their involvement in a Ponzi scheme like investment funds and gaming machines where they allowed someone to come into the church and have church members 'invest' their life savings. This also includes a mortgage schemes where members have lost their homes because an investor was invited to the church and convinced many they could reduce their home payments.
Let's get the definition of a Ponzi schem:
"A Ponzi scheme is a fraudulent investment operation because it pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.
Many of us have heard of this in the business world but it has now crept into the church, but the big question is-why?
Read the entire article here.
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