Daryl Batts, a former youth pastor, was sentenced to 10 years in federal prison, according to Greenvilleonline.com. Staff writer, Eric Connor, did a great job outlining Batts’ pyramid scheme that defrauded investors of $12 million over the past few years. In 2002, Batts opened an investment firm, Comprehensive Financial Solutions, Inc. and sold insurance policies, mutual funds and other securities to about 150 investors. The catch is that he never invested the money.
Batts sold insurance policies provided by MassMutual Financial Group, although they were unaware of the scam. Batts submitted phony statements to mortgage brokers, who secured loans for individual investors and paid himself a commission. Batts told his customers that he would pay the premiums on the policy until they came due, at which time, he would get repaid out of the proceeds, plus interest. Instead, Batts used the money to fund his personal lavish lifestyle.
Between payments that have already been made to investors and the remaining $3 million that was secured by the receiver in the case, investors still have a total loss of over $6 million. It is unsure if, how, and when investors will be repaid.
According to one investor: “He did it with a smile on his face and a Bible in his hand and on his knees praying,” said investor Joanie Benjamin, who told the judge that she gave Batts $85,000 after going online to view what she thought were legitimate investment statements.
Many investors fell for Batts’ scheme because he appeared to be like-minded and trustworthy. Most of his investors knew him, or at least knew of him, so there wasn’t any reason to doubt where their money was going. But as the story goes, people’s lives are left in shambles, as Batts sits in prison. Don’t be the next baby boomer or senior citizen picking up the pieces and trying to make ends meet. Investigate before you invest.
Yes he did wrong, but deserves forgivness. Everyone makes mistakes
Proverbs 16:8
BETTER IS A LITTLE WITH RIGHTEOUSNESS THAN GREAT REVENUES WITHOUT RIGHT