HEAD OF CHRISTIAN NON-PROFIT INDICTED FOR FRAUD: Via Ponzi scheme, Edward Purvis promised church-going investors he could make them wealthy. - Nakami Chi Group Ministries International -Scam

HEAD OF CHRISTIAN NON-PROFIT INDICTED FOR FRAUD: Via Ponzi scheme, Edward Purvis promised church-going investors he could make them wealthy.
(January 23, 2009)!

Edward Purvis, the man who promised church-going investors in Arizona and 12 other states he could make them wealthy while funding Christian causes, was indicted Friday on 43 counts of fraud and theft.
According to an article by David Townsend (www.ArticlesofInfo.com), authorities accuse the 40-year-old Chandler, Arizona man of operating a multimillion Ponzi-scheme through Nakami Chi Group Ministries International.

"These are very serious charges," Arizona Attorney General Terry Goddard said Friday. "Several hundred years (of prison) are in the offing."

The indictment comes on the heels of an $11 million restitution order imposed last month on Purvis and his partner Gregg Wolfe and their wives by the Arizona Corporation Commission, which regulates the sale of securities in the state.

Authorities said that while Purvis promised investors 24 percent annual returns, Purvis was dipping into their money to buy cars and jewelry, to make a down payment on an $800,000 home and to pay gambling debts and other personal expenses.

A Ponzi, or pyramid, scheme is an investment scam that uses money from new investors to pay old investors. Nakami's investors included at least one pastor, church elders and members of Chandler Christian Church and Vineyard Church in Avondale, many of whom continue to defend Purvis and Wolfe.

Purvis and Wolfe told investors that their company was worth $170 billion and it controlled assets around the world, including gold mines, Australian developments, telecom firms, banks and a Phoenix technology company. (Source: The Arizona Republic/www.ArticlesOfInfo.com)