December 2, 2003 |
Federal authorities said Monday that they had recovered a yacht, two airplanes and a helicopter with a total value of $4.5 million as they investigate an alleged $160-million investment scam based in the Southland that preyed on evangelical Christians across the country. Gregory and Cynthia Setser of Rancho Cucamonga, accused of using their Ontario-based IPIC International Inc.
CALIFORNIA | LOCAL
March 18, 2004 |
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.
November 30, 2003 |
The $2.3-million, 103-foot powerboat Gregory Setser bought in June was just a starter. The self-styled Christian investor told his yacht broker that he was prepared to drop $12 million for a 140-footer with a helipad and $30 million to restore a 300-foot yacht once owned by the shah of Iran. So when the broker, Lee Racicot, visited Setser's office near Ontario International Airport on Nov. 19, he expected to walk out with two solid offers.