Arizona Man : Edward Anthony Purvis Indictment: Man Ran Ponzi Scheme

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Indictment: Man Ran Ponzi Scheme
POSTED: 5:32 pm MST January 17, 2009

PHOENIX -- A Chandler man has been indicted on charges of operating a multimillion Ponzi scheme through Nakami Chi Group Ministries International.
Edward Anthony Purvis, 39, was indicted on charges that include one count of fraudulent schemes and artifices, 21 counts of theft and 21 counts of securities fraud.
Purvis allegedly collected more than $8 million from investors through a Ponzi scheme he carried out in the Valley, the county attorney's office said.
According to court documents, between February 2002 and March 2007, Purvis, acting through his Scottsdale-based company, Nakami Chi Group Ministries International, allegedly promised 24 percent annual returns by means of offering high interest "bridge-loans" to companies, but his company was never profitable.

Court documents allege that investor funds were used to repay other investors and for Purvis' personal benefit.
This indictment follows an investigation and order for restitution by the Arizona Corporation Commission. After a 15-day administrative hearing on the matter in December 2008, the Commission unanimously approved an order of over $11 million in restitution and $250,000 in administrative penalties against Purvis and his wife, Maureen.
The December 2008 Commission order found that from February 2002 until March 2007, Purvis and his wife, through their affinity with three Arizona churches, operated a Ponzi scheme through the sale of unregistered securities in the form of company stock, short-term bridge loan investments and promissory notes.
Purvis is currently serving an 18-month prison sentence following his conviction by a jury of one count of bribery of a Chandler police officer and four counts of harassment of public employees in attempt to disrupt the Arizona Corporation Commission's initial investigation of his investment scheme.
People who believe they have been a victim of criminal or consumer fraud should contact the Attorney General's Office in Phoenix at 602-542-5763.
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