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Court documents: Charleston pastor ran Ponzi scam - Live5News.com | Charleston, SC | News, Weather, Sports

Court documents: Charleston pastor ran Ponzi scam

CHARLESTON, S.C. (AP) - Court documents say a Charleston pastor ran a financial scam out of his church for several years.

The Post and Courier of Charleston reported Tuesday a federal judge has frozen what remains of $3.3 million that investigators say the Rev. Ronald Satterfield used in a foreign currency investment scam.

Satterfield is rector at St. John's Reformed Episcopal Church.

Court documents filed in U.S. District Court in Charleston on Monday say Satterfield used money from 70 investors between 2006 and 2009.

Satterfield said Monday some people lost money but the allegations by the U.S. Commodities Futures Trading Commission mischaracterize his trading.

Documents say Satterfield lost almost all $2 million he invested. The commission says he used the rest to pay returns to customers until his companies failed.

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