Quantcast

New charge for Charleston pastor in Ponzi scam - Live5News.com | Charleston, SC | News, Weather, Sports

New charge for Charleston pastor in Ponzi scam

CHARLESTON, S.C. (AP) - A Charleston pastor accused of running a scam out of his church has been charged with using fake documents to take out a loan in the name of the church.

The Post and Courier of Charleston reports that 63-year-old Ronald Satterfield was arrested Thursday and charged with bank fraud.

The arrest comes two months after federal investigators sued Satterfield, alleging he was part of a $3.3 million Ponzi scheme that wiped out savings for dozens of small investors. Officials say he solicited business from St. John's Reformed Episcopal Church congregation members, though most account holders lived in Michigan.

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

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Powered by Frankly