Credit counselors are there to help us take care of our finances, get out of debt and enable us accomplish economic freedom. Apparently Alfred Parker of Woodland Hills, California didn't rather comprehend that. Parker, who worked as a credit counselor for a non-profit organization supplying credit counseling to minimal-earnings families, was sentenced this week to 46 months in a federal prison. His crime? Bilking $two million from his victims.
Focusing on mainly African-American men and women, Parker raised $2 million with the guarantee of "guaranteed" returns as higher as 40% in just 3 months. The money was to be applied to assist individuals keep away from foreclosures and make payments on their debts.
Parker as an alternative employed the dollars to acquire a Rolls Royce Phantom, two Ferraris, and a $2.5 million property. In standard Ponzi scheme trend, some of the cash also went to shell out previously traders. The federal government says he even compensated for his marriage ceremony with money stolen from other individuals. He will not be joining his new bride for a honeymoon anytime soon.
Not acquiring sufficient funds from person victims, Parker obtained a $200,000 line of credit by falsely claiming that he had $2,000,000 in cost savings and substantial rental earnings from house in Cleveland. Each false statements. In reality, Parker forged paperwork and introduced them to the financial institution.
Parker is paying the following a number of many years in a federal prison. United States District Court Judge R. Gary Klausner condemned Parker for presenting himself as a religious man and preying on the African American faith primarily based local community.
Protection regulators persistently place affinity fraud in their yearly leading 10 lists of scams tactics. Faith centered affinity schemes have hit the African American community difficult in recent many years. Using one's religious affiliation establishes a false sense of safety in the minds of victims.
Regrettably religious affinity fraud is as outdated as the Bible. Most have heard the story from the Bible about Jesus driving the moneychangers from the Temple throughout his ministry since they had created it a "den of thieves."
Two thousand years later, minor has changed.
What can you do to defend your self?
Initial, often execute your individual due diligence no matter how trustworthy the promoter appears. Fraudsters use religion to shortcut the standard trust creating approach. When the individual asking for your money starts off quoting from the Bible, your defenses need to go up, not down.
2nd, don't forget the adage, "If it would seem to very good to be correct, it most likely is." Parker's investors should have been alarmed by claims of 40% charge of return in just ninety days.
Useful Links:-
CREDIT COUNSELORS
SECURED
CREDIT CARDS
Focusing on mainly African-American men and women, Parker raised $2 million with the guarantee of "guaranteed" returns as higher as 40% in just 3 months. The money was to be applied to assist individuals keep away from foreclosures and make payments on their debts.
Parker as an alternative employed the dollars to acquire a Rolls Royce Phantom, two Ferraris, and a $2.5 million property. In standard Ponzi scheme trend, some of the cash also went to shell out previously traders. The federal government says he even compensated for his marriage ceremony with money stolen from other individuals. He will not be joining his new bride for a honeymoon anytime soon.
Not acquiring sufficient funds from person victims, Parker obtained a $200,000 line of credit by falsely claiming that he had $2,000,000 in cost savings and substantial rental earnings from house in Cleveland. Each false statements. In reality, Parker forged paperwork and introduced them to the financial institution.
Parker is paying the following a number of many years in a federal prison. United States District Court Judge R. Gary Klausner condemned Parker for presenting himself as a religious man and preying on the African American faith primarily based local community.
Protection regulators persistently place affinity fraud in their yearly leading 10 lists of scams tactics. Faith centered affinity schemes have hit the African American community difficult in recent many years. Using one's religious affiliation establishes a false sense of safety in the minds of victims.
Regrettably religious affinity fraud is as outdated as the Bible. Most have heard the story from the Bible about Jesus driving the moneychangers from the Temple throughout his ministry since they had created it a "den of thieves."
Two thousand years later, minor has changed.
What can you do to defend your self?
Initial, often execute your individual due diligence no matter how trustworthy the promoter appears. Fraudsters use religion to shortcut the standard trust creating approach. When the individual asking for your money starts off quoting from the Bible, your defenses need to go up, not down.
2nd, don't forget the adage, "If it would seem to very good to be correct, it most likely is." Parker's investors should have been alarmed by claims of 40% charge of return in just ninety days.
Useful Links:-
CREDIT COUNSELORS
SECURED
CREDIT CARDS
