International Church Of The Foursquare Gospel

The president and treasurer of the International Church of the Foursquare Gospel have resigned after the church's loss of $14 million in two allegedly fraudulent investment schemes, the Los Angeles-based institution said Wednesday. Foursquare's board of directors last week accepted the resignation of President Paul Risser, a minister with the Pentecostal church for more than 40 years and its top executive since 1998.

The new president of the Los Angeles-based International Church of the Foursquare Gospel said he wanted to restore a sense of confidence in the leadership of the independent Pentecostal denomination. After all, the past two leaders both left their offices after financial investments resulted in substantial losses for the church. Jack Hayford, who is preparing to start his five-year presidency Oct.