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Harvy Lipman, a staff writer for NorthJersey.com, wrote a fantastic article about an investment scheme that preyed on church members.  David A. Talbot is best known for being Michael Vick’s financial advisor before being removed by a Virginia bankruptcy court for misappropriating Vick’s assets.  But now, according to the state attorney general, Talbot is at it again. 

The New Jersey Attorney General accused Talbot of conspiring to defraud members of New Horizon Fellowship Congregation of more than $650,000.  According to the civil lawsuit, none of the money was ever invested, but instead, Talbot and the three co-defendants pocketed the cash for their own use.   

In the beginning, Talbot became a member of Wyckoff Assembly of God, telling the church that he was a new Christian.  He befriended a senior member of the congregation, Mr. Jack Witmer, who later became his mentor.  Mr. Witmer was also the first to buy into his investment plan. When Witmer and a small group of church members decided to start their own church Talbot went with them.  

The new church, New Horizons Fellowship, which rented space, was approached by Talbot with an idea to raise enough money to buy a church building.  Talbot said that he knew of an overseas transaction that would provide a weekly return of 25 percent return for a period of 40 weeks.  

According to the lawsuit, at least 10 investors put in over $650,000, expecting a $4.1 million return.  That would easily cover the $1.3 million needed for the new church building for New Horizons Fellowship and leave a surplus that the congregation could use for charitable Christian missions around the world. 

At this point, none of the investors have received any return on their investment.  For some investors, this means they can’t pay their bills.  Jack Witmer is still holding out hope.   

The article goes into great detail about Talbot’s ability to prey on people’s passion and their desire to benefit the world.  He also built church relationships, associated with trust, before he asked for money.  Scamsters, like Talbot, are likable, intelligent salesmen that know how to gain your trust.  They build relationships before they strike.  And once they strike, it’s too late, the money is gone.  The moral of the story is easy: Investigate before you invest.  If not, you might be the next baby boomer or senior citizen left wondering what you’re going to do now that your nest egg is gone.