Meyer Wilson | Investor Claims In the News
South Carolina Pastor Accused of Multimillion-Dollar Ponzi Scheme
Posted on Dec 05, 2010
A South Carolina pastor has been accused of running a $3.3 million Ponzi scheme from his historic church in downtown Charleston. Reverend Ronald Satterfield allegedly scammed nearly 70 investors in a foreign currency Ponzi scheme.
According to documents filed in U.S. District Court in Charleston, South Carolina, Rev. Satterfield has been accused of running a multimillion-dollar Ponzi scheme. The scam involved approximately 70 investors, many belonging to St. John’s Reformed Episcopal Church on Anson Street where he serves as a pastor.
Prosecutors allege that Rev. Satterfield told investors that he could grow a pool of money totaling nearly $1.9 million by up to 48 percent in one year. However, it appears that he actually lost most of it. In addition, Rev. Satterfield has been accused of using the remainder of the money he collected to pay returns to previous investors.
Rev. Satterfield, who did not have a broker’s license and was not affiliated with any financial institution, traded money through two entities that are registered to him, Street Forex Group LLC and Shore-2 Summit Financial LLC.
The complaints have been brought against Rev. Satterfield by the Commodities Futures Trading Commission, which only has the authority to file civil complaints. However, the FBI is currently reviewing the case and determining if they will file charges as well.
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