console.log('PUB-GDPR-CHECK'); By 1997, ALO had a negative net worth of $138.9 and owed BFA $70.3 million
Sept. 20, 1999 Pastor Richard A. Kimsey amends his lawsuit against BFA to include the Arizona Southern Baptist Convention and Steve Bass, executive director treasurer of the conventions Executive Board. } real estate in exchange for notes receivable valued in the millions of dollars. The Baptist Foundation of Arizona filed for bankruptcy in federal court last week, owing nearly $600-million to 13,000 people who had bought securities from the organization. Audit. New Era, which solicited investments largely from Christian institutions, folded in 1995 after taking in about $350-million in what had amounted to a Ponzi scheme. "These verdicts are a victory for thousands of victims who believed the promises made by the defendants," Attorney General Terry Goddard said in a statement. Paul D. Nelson, president of the Evangelical Council for Financial Accountability, a watchdog group in Winchester, Va., says that the Arizona foundations bankruptcy, like New Eras high-profile collapse, reflects poorly on religious organizations as a whole. the Arizona Corporation Commission as required by state law. A grand jury in April 2001 returned indictments charging former BFA officials with 32 counts of fraud, theft and racketeering. Management responded to the new environment by structuring accounting transactions
mps.__intcode = "v2"; BFA informed Arizona Southern Baptist pastors of the financial crisis at a retreat held last weekend at the Wigwam Resort. 'cag[attribution_author]' : 'Stacy Keach' , window._mpspixZ = (function(a){var b="abcdefghiklmnopqrstuvwxyz".split("");a||(a=Math.floor(Math.random()*b.length));for(var c="",d=0;d
baptist foundation of arizona scandal