A $500 million fraud case in Las Vegas has Utah ties, and serves as a reminder that Latter-day Saints may be particularly vulnerable to financial predation by other church members.
"Because we were friends and belonged to the same church, the red flags were heart-shaped," Ann Mabeus, one of the alleged victims, told the Post. "My bishop was involved and invested, and so were my closest friends."Prosecutors and investigators have pointed to a "well-known sense of trust" among Mormons to explain members' susceptibility to fraud within the fold.
But there were no actual loans, the SEC alleges. Instead, the group used some of their new investors' money to pay fake "returns" to other investors and kept most of it for themselves. Beasley was shot by agents who raided his and the other men's homes in March 2022. He was charged with assaulting a federal officer, while the others face only the civil charges.with defrauding church members of roughly $10 million by claiming their business was founded on a "spiritual revelation" — even though two of the men were previously convicted of fraud.
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