wfn.org | Church Members Warned Over Fraudulent Financial Schemes

["Beckett, John" <BeckettJ@gc.adventist.org>]

ANN Bulletin
Adventist News Network
Seventh-day Adventist Church World Headquarters
October 5, 1999

Church Members Warned Over Fraudulent Financial Schemes
Silver Spring, Maryland, USA .... [ANN] 

Seventh-day Adventists were warned at the Church's Annual Council on October
4 to beware of fraudulent financial schemes designed to take advantage of
members and the Church.

Speaking to the 330-strong delegation, Attorney Robert Nixon, lead counsel
at the Adventist Church World Headquarters, warned of a number of "affinity
frauds" being perpetrated and that Adventists were sometimes victims.

"Our church members must be made aware of the dangers that exist today, and
we must take action to protect the flock from these financial wolves," he
said. "Where there's money, such wolves will come sniffing."

He warned about "pyramid schemes" that promise great returns but instead
defraud people of their hard-earned savings. Pastors must not endorse
private financial schemes, nor should churches be used for their promotion,
he said.

Nixon mentioned one scheme that promised up to 3000% a year, while another
promised $10,000 every month for life in return for just one "donation" of
$10,000. He referred those who wished to know more about current financial
scams to the Investor Education section of the website www.nasaa.org.

Adventists have always maintained strong belief in philanthropic giving and
financial responsibility and encourage careful examination of any investment
scheme. [Jonathan Gallagher]

----------------------
Contact Information: 
Communications Department
General Conference of Seventh-day Adventists
12501 Old Columbia Pike
Silver Spring, MD 20904-6600

Phone: 301-680-6300
e-mail: info@gc.adventist.org
web: http://www.adventist.org/