Greater Ministry International Ponzi Scheme - Notorious Frauds and Schemes

Greater Ministry International

The Internet missionary church Greater Ministries International Church GMI took in over $550 million dollars from over 27,000 believers and although it promised great returns from heaven over one half of the money has not been accounted for.

Many of the investors were fundamentalist Christians, including Mennonites in rural Pennsylvania, Ohio and Virginia. They were told their money would double in installment payments made over 17 months or less. Investors were quoted Luke 6:38: "Give, and it shall be given unto you."

Greater Ministries officials told investors that state and federal securities laws did not apply to them because the investments were "gifts" to the Church and the payments from the church to investors, called "blessings," were not subject to taxes.

In their efforts to lure contributors to make more donations to the Greater Ministry ponzi scheme after regulatory complaints, officials of the organization spoke of a "mother lode" of gold worth $40 billion that they found in Liberia a mere 15 feet below the surface.

In addition to assurances that the money would circle around every 20 days, it was said that the Holy Ghost, not the U.S. Postal Service ( which was laying charges ), would be the 'mailman' delivering the cash, even on Sundays.

While the head of the Greater Ministry International Gerald Payne and several of his associates were given long-term sentences in Florida on charges of conspiracy and fraud, the company also had officials in Liberia, Niko Shefer and Felix Kramer, who insisted they were providing humanitarian aid to rural communities and that their investment projects in the mining and banking sectors were targeted at creating sources of revenue to be distributed within Liberia.

They state that both GMI and The Tandan Group have not only propped up the economy there but prevented civil strife through active political input. This input must have helped because the former Minister of State for Presidential Affairs, Ernest Eastman, appointed the Greater Ministry Africa Foundation as its sole agent to monitor and verify all donations and funding raised for humanitarian purposes for that country.

Gerald Payne, Betty Payne, Patrick Talbert and David Whitfield were all convicted of one count of conspiracy to commit mail fraud, wire fraud and to transport in interstate commerce money taken by fraud, one count of conspiracy to commit money laundering violations, four counts of mail fraud, five counts of money laundering and five counts of conducting unlawful monetary transactions. Gerald Payne was also found guilty of three counts of unlawful structuring of currency transactions. Haywood Eudon Hall was found guilty of both conspiracies and of three mail fraud counts.

Each conspiracy, mail fraud and structuring count carries a maximum penalty of five years imprisonment and a $250,000 fine. The money laundering conspiracy and each unlawful monetary transaction count carries a maximum term of imprisonment of 10 years and a fine of $250,000. The maximum punishment for each money laundering count is 20 years imprisonment and a $500,000 fine.