“Pastor” Swindles Investors Out of $1.4 Million, Goes to Jail for 8 Years
If only it was this easy to unravel the Bernie Madoff schemes and scams. Self-proclaimed pastor Benjamin R. Seigler bilked 5,600 investors out of $1.4 million, telling clients he had bought mansions, owned 10 cars and had
more gold chains than Mr. T.
Citing scripture and calling upon the blessings of God, Seigler told his victims that an investment of $55 would return $154,000 in just a few months. He would meet with "clients" on twice daily conference calls and told them they were invested with Global Pension Insurance Trust, but in reality, their money sat in his credit union account.
God will give us all the blessings next month
Seigler told investors, but one man, who invested $16,000, became increasingly concerned when no returns were forthcoming. And the staff at the local post office grew suspicious as Seigler continually cashed money orders in varying amounts from Canada, the United States and the Virgin Islands.
Federal authorities obtained search warrants for his house and bank account, discovering more than $1 million and uncovering that Seigler was trying to buy a $685,000 house in Chesapeake. Seigler already had used thousands to buy a Harley-Davidson motorcycle and several other vehicles. The house and vehicles were forfeited and the proceeds will be used to refund the majority of his victims. The rest will be repaid once Seigler is released from his 8 year jail term; he was sentenced earlier this week.
No gold chains were reported found in his small apartment.
“Pastor” Swindles Investors Out of $1.4 Million, Goes to Jail for 8 Years
If only it was this easy to unravel the Bernie Madoff schemes and scams. Self-proclaimed pastor Benjamin R. Seigler bilked 5,600 investors out of $1.4 million, telling clients he had bought mansions, owned 10 cars and had
more gold chains than Mr. T.
Citing scripture and calling upon the blessings of God, Seigler told his victims that an investment of $55 would return $154,000 in just a few months. He would meet with "clients" on twice daily conference calls and told them they were invested with Global Pension Insurance Trust, but in reality, their money sat in his credit union account.
God will give us all the blessings next month
Seigler told investors, but one man, who invested $16,000, became increasingly concerned when no returns were forthcoming. And the staff at the local post office grew suspicious as Seigler continually cashed money orders in varying amounts from Canada, the United States and the Virgin Islands.
Federal authorities obtained search warrants for his house and bank account, discovering more than $1 million and uncovering that Seigler was trying to buy a $685,000 house in Chesapeake. Seigler already had used thousands to buy a Harley-Davidson motorcycle and several other vehicles. The house and vehicles were forfeited and the proceeds will be used to refund the majority of his victims. The rest will be repaid once Seigler is released from his 8 year jail term; he was sentenced earlier this week.
No gold chains were reported found in his small apartment.
