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
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
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.
If you have lost money in a Ponzi scheme, you should contact an experienced
investment fraud attorney for a free case evaluation by calling toll-free (888) 390-6491 or filling out our
online form. Our lawyers are licensed in Ohio and California and we represent investors
nationwide in securities arbitration and litigation claims.