A Peninsula religious broadcaster has been charged for his alleged participation in an
investment scam involving more than $750,000. Samuel B. Jacobs, 57, has been accused of
using the money to benefit himself.
Mr. Jacobs, owner of the religious broadcasting company, JBS Inc., has
been arrested on federal charges for allegedly bilking more than $750,000
from unsuspecting investors. He has been accused of using the majority
of the money on personal and business expenses, including a 36-foot boat.
A 20-count indictment has been handed down in Norfolk U.S. District Court
that included mail fraud and money laundering charges.
According to the indictment, Mr. Jacobs, owner of WJHJ, formed an investment
company with a group of pastors. He used the company, Allied Financial
Services, to lure 80 to 100 investors to his investment scam. Approximately
$500,000 is believed to be from four investors.
Some of the investors included pastors who used their churches’
money to invest with Mr. Jacobs.
Christopher C. Rice, 28, of Suffolk, has also been arrested in connection
with the alleged investment scam. Mr. Rice has been charged with 14 counts
under the same indictment.
The two men have been accused of using the money for personal and business
expenses that included mortgage payments on a Hampton house owned by Mr. Jacobs.
Both men are expected back in court in January 5, 2011. A trial date is
expected to be set then.