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Affinity Fraud Part four

We concluded part three on the fact that affinity fraud main target market is African American and African Canadians, especially their houses of worship.  Mediums they used are real-estate, Gospel concert market and the forex market.

The notion that there is no money in our black churches is now out dated as losses mount in our churches here in Toronto alone is well over several million dollars.

I spoke with on individual who thought this must be the curse of tithing, because we had all these funds in reserve while the house of God lay waste and underfunded while many Christian cheated on their tithing, that these  demonic strategists  intelligent, supplicated, and well educated and driven by greed  Represents the devourer . Mal 3:10-12 10 Bring all the tithes into the storehouse, That there may be food in My house, And try Me now in this,” Says the LORD of hosts, “If I will not open for you the windows of heaven And pour out for you such blessing That there will not be room enough to receive it.  11 “And I will rebuke the devourer for your sakes, So that he will not destroy the fruit of your ground, Nor shall the vine fail to bear fruit for you in the field,” Says the LORD of hosts; 12 And all nations will call you blessed, For you will be a delightful land,” Says the LORD of hosts.

The truth be told I am not all that divorce from this opinion, But I write this blog  with a burden in my heart for local churches and their member and have included in this blog ten thing that should alert us to  these schemes,  written by the American Christian Credit Union.

1. Be cautious if the promoter of an investment opportunity tries to capitalize on connections or leadership within your church or denomination. A common affinity fraud tactic is to lull the church into a misplaced trust by first selling to a few prominent members. Then, using their names, the con artist pitches the scam to the church itself.

2. Be suspicious of returns that sound too good to be true. Early and high returns on investments may be indicative of a “Ponzi” scheme, which involves the use of later investors’ money to pay earlier investors. These early investors often become unsuspecting–but enthusiastic–promoters of the scheme.

3. Adopt a church investment policy. Include in the policy specific investment objectives, such as safety and liquidity, and the criteria to be used in evaluating potential investments. The policy should identify the level of investment risk your church is willing to take. It may identify particular types of investments as acceptable and specifically exclude others.

4. Always get an offer in writing. A legitimate promoter is always willing to provide detailed written materials that include the nature of the investment, the risks involved, financial statements and the procedures for getting your money out.

5. Make sure you understand the investment. You should be able to explain to anyone in your congregation how it works.

6. Don’t rush into making an investment decision. If the promoter is requiring you to make a hasty decision, it is likely that the investment is a scam.

7. Check out the promoter and the investment through your state or provincial securities regulation agency. You can find their address and phone number in the government section of your phone book or on the Web page of the North American Securities Administrators Association (www.nasaa.org). Your local Better Business Bureau may also have records of complaints about the promoter.

8. Think with your head and your heart. Promoters of religious affinity frauds frequently cloak the investments with the mantle of “good stewardship.” Make the effort to verify any claims made by the promoters regarding their giving.

9. Ask for professional advice from a neutral expert. An accountant, attorney or financial planner can help you evaluate the investment. Be wary of any promoter who discourages you from doing this.

10. If you have been the victim of an affinity fraud, don’t give a break to a swindler who hides behind religion. Con artists recognize that the close-knit nature of churches makes it less likely that a scam will be detected, and that victims will be more likely to forgive one of their own. Don’t allow others to be victimized by letting an investment con artist off the hook.

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