Baptist Foundation of Arizona: The House of Scams скачать в хорошем качестве

Baptist Foundation of Arizona: The House of Scams

The Baptist Foundation of Arizona used their religious roots to scam their followers for over $500 Million. Find out how in this video! Subscribe to Pablito's Way below:    / @pablitosway   New to Pablito's Way? Start here!💯    • New to Pablito's Way?  Start Here!   Check out some more of our favorite videos below: The Fabulous Millionaire Life of Pastor Joel Osteen⛪   • The Millionaire Lifestyle of Pastor Joel O...   The Untold Truth About the Escape From Alcatraz⛏️    • The Untold Truth About the Escape From Alc...   Rappers Who Went Broke with Dumb Decisions💸    • Dumbest Rappers Who Went Broke   Follow me on Instagram!   / _pablitos_way   Birth of a Baptist The BFA didn't begin as a house of scams. In fact, their 1940's origins are quite the contrary. The initial plan was to raise money to build churches and retirement homes while generating revenue for BFA members through real estate investments. Crotts Hides His Mistakes Crotts sought out the advice of a reverend who told him to come clean. He told Crotts to explain the situation to investors and ask their forgiveness. Confessing his sins may have saved him from the tidal wave of trouble coming his way, earning him an honest shot at redemption. Good-Bank Bad-Bank To continue their schemes, Crotts and Gabrinski needed fresh investors. Of course, no one would ever put money in a company that had as bad an investment portfolio as the BFA. So the two partners in crime decided to use a well-known tactic called good-bank bad-bank. Ponzi Schemes BFA's Ponzi scheme was a rinse and repeat of the classic scam. They would convince people to invest their money with them and promise good returns. Then, whenever someone came looking for their profit, BFA would just find a new investor and give their money to the previous investor. Land Flipping Ponzi schemes weren't the only fraudulent practice that BFA used to stay ahead of their debt. They also employed a strategy called land flipping, which is used to inflate a property's market price artificially. Fake Condos BFA didn't stop at Ponzi schemes or Land Flipping. They kept pushing on like most schemers and dug their financial hole even deeper. At one point, the organization took advantage of its elderly members by selling them the "right to live in a condo" instead of the condo itself. The Damage is Done The BFA's scheme had a very long reach, defrauding over 11,000 investors. They left many of these people penniless and used them as fuel for their deception. The total losses to investors soared to $580 million. BFA Finally Goes Down In November of 1999, the downfall of BFA began with them filing bankruptcy. They could no longer keep up their ruse and now found themselves facing severe consequences. The dominos fell as the Arizona Attorney General's office conducted investigations. Prosecutor Of The Year Attorney General Terry Goddard presented Donald Conrad with the Arizona Felony Prosecutor of the year award for his work on the BFA case. Goddard was impressed by Conrad's calmness under pressure, especially as BFA's defense lawyers relentlessly attacked his witness' credibility.