Ipic International Inc

An Inland Empire man accused of masterminding an investment scam that swindled evangelical Christians out of at least $160 million has been released by a Dallas judge on an "electronic leash" pending trial, authorities said Monday. U.S. District Judge Barbara Lynn set bail terms Friday for Gregory Setser of Rancho Cucamonga, requiring that he remain within 10 miles of a home he owns in Canton, Texas, and that his mother, Eva Setser Smith, pledge her mobile home in Montclair as security.

Several high-profile evangelists entangled in an alleged investment scam targeting born-again Christians are helping authorities unravel the operation. One prominent pastor, however, has declined to assist: the Rev. Ralph A. Wilkerson, founder of Melodyland Christian Center in Anaheim, according to the court-appointed receiver whose job it is to salvage the remains of what federal prosecutors allege was a Ponzi scheme.

Several high-profile evangelists entangled in an alleged investment scam targeting born-again Christians are helping authorities unravel the operation. One prominent pastor, however, has declined to assist: the Rev. Ralph A. Wilkerson, founder of Melodyland Christian Center in Anaheim, according to the court-appointed receiver whose job it is to salvage the remains of what federal prosecutors allege was a Ponzi scheme.

An Inland Empire man accused of masterminding an investment scam that swindled evangelical Christians out of at least $160 million has been released by a Dallas judge on an "electronic leash" pending trial, authorities said Monday. U.S. District Judge Barbara Lynn set bail terms Friday for Gregory Setser of Rancho Cucamonga, requiring that he remain within 10 miles of a home he owns in Canton, Texas, and that his mother, Eva Setser Smith, pledge her mobile home in Montclair as security.

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.

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 $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.