The SEC charges that Anderson, 63, and four partners offered short-term returns of up to 1,000 percent through trades in notes issued by European banks. In reality, the agency says, the five conducted a Ponzi scheme, taking more than $5 million from investors and losing it all. Nearly $3 million was used for Ponzi-style payments — where early investors are paid from the money provided by later investors — or was misappropriated, according to the Rocky Mountain News.
Joey Bailey, chief financial officer for the PC(USA), told the newspaper the church had no knowledge of the SEC complaint and that it had not received any money from Anderson’s pledge. “The church will continue to hold Mr. Anderson and his family in our prayers,” he said.
