This article was last updated on April 16, 2022
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Police has confirmed that charges were laid against a group of Toronto pastors who allegedly plotted to deceive the members of their congregation of at least $9-million. The investigators found that in an overall period of five-year period, ending in 2010, the accused sought loans from their parishioners, which also included their friends and family members, to invest in foreign currencies. Whereas, Const. Tony Vella revealed, that majority of the victims suffered having lost their homes and life savings in the scheme.
An elaborate investigation was launched into complains against the pastors from the investors by The Ontario Securities Commission. Investigators suspect that a large sum of the amount was transferred to an account in Panama. At the time of their arrest on Thursday, both accused were acting as co-pastors of The Life Centre Word of Faith Ministries. Police claims to have enlisted more than 38 victims and believe there could be more. In a press conference today, Det. Gail Regan of Toronto Police stated that “it can be considered a Ponzi scheme where the very early investors received some money back, and of course later on those who did invest did not receive anything.”
It was revealed that while a large portion of the money was transferred deceptively to Panama, remaining was being used by the accused to furnish a “luxurious lifestyle” including “fancy cars (and) a big home.” An assistant of the accused confessed to have helped them in mailing bogus monthly statements to the investors, depicting an increase in their investments.
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