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SEC Smites Pastor of Faux Church Over Ponzi Scheme

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SEC Smites Pastor of Faux Church Over Ponzi Scheme

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What You Must Know

  • David Lee Parrish was one in all two pastors charged with operating a $33 million Ponzi scheme.
  • The Church for the Wholesome Self held no non secular companies however ran an funding program promising 12% returns.
  • The SEC barred Parrish from the business. He pleaded responsible to conspiracy in 2020 and is in jail.

The Securities and Change Fee on Friday barred one in all two California pastors who had been charged in 2019 with working a $33 million Ponzi scheme.

As a part of an settlement, David Lee Parrish, 50, can now not affiliate with any dealer, seller, advisor, municipal securities seller, municipal advisor, switch agent, or nationally acknowledged statistical ranking group, and in addition can’t take part in any providing of a penny inventory ever once more, in response to an SEC order filed on Friday.

In 2019, the SEC introduced fraud expenses and an asset freeze towards Parrish and Kent R.E. Whitney, founding father of a pretend church referred to as The Church for the Wholesome Self.

As a part of their Ponzi scheme, they promised excessive annual returns with minimal to no threat to traders within the Vietnamese neighborhood of Orange County, California, in response to the SEC.

Whitney based the phony church three months after being launched from federal jail for orchestrating a previous funding scheme involving commodities, the SEC stated in 2019.

Undeterred by jail, Whitney established a church to defraud extra traders after he was launched in 2014, in response to the SEC. Shortly thereafter, he grew to become an ordained minister by means of a web based program. A month later, he shaped The Church for the Wholesome Self, purportedly as a nonprofit, non secular group.

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