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Religious Broadcaster Charged in Investment Scam

David P. Meyer, Esq.

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.

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