Sleazy corrupt Baptists going to the clink
“The truth is not determined by what this court said. Righteous people have spent time in jail before.”
— swindled investor James D. Porter, who still believes the friend that bilked him is innocent
The scam that landed these two fundies in trouble was a classic Ponzi scheme with a “Christian” twist.
Over 11,000 investors were drawn in with pious bible beating sales pitches, spun tales that money put into an enterprise were going fund the construction of Southern Baptist churches and they would deliver above-market returns. Of course William Pierre Crotts and Thomas Dale Grabinski didn’t know what they were doing and soon the whole shell game was falling apart, with new investors needed to new pay off the skyrocketing debt.
They couldn’t pray the debt away. I love how one of these clowns uses the Enron (“I didn’t understand what was happening”) defense. (WaPo):
Two former executives of a failed Southern Baptist foundation were convicted here Monday in what prosecutors said was the nation’s largest fraud ever targeting members of a religious group.
William Pierre Crotts, who was president of the Baptist Foundation of Arizona, and Thomas Dale Grabinski, the group’s former chief legal counsel, were each convicted of three counts of fraud and one count of conducting an illegal enterprise in a scheme that lasted decades and cheated 11,000 investors across the country of about $585 million.
Former Baptist Foundation of Arizona president William P. Crotts thinks about how much he’s going to love praying and bunking in with pals in the can. He faces a max 46 year sentence. (Tom Tingle/AP)