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November 26, 2009
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Home > 1999 > October 4Christianity Today, October 4, 1999  |   |  
Finance: $100 Million in Losses at Greater Ministries




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Greater Ministries had its "gifters" sign a form stating that there was no guarantee of a return on their money. State attorneys filed transcripts, affidavits, and videotapes, including timetables for repayment and many assurances that no one had ever lost money in the plan. "Who punishes the corrupt steward?" Judge Lazzara asked. Later, he issued a permanent injunction against the Faith Promises program.

Receiver Beasley told CT, "We found several dozen letters from people asking about what had happened to their money." They discovered the gift amounts ranged from $10,000 to more than $100,000. Beasley's figure of $100 million is his best estimate of how much went into the plan. The actual total could be much higher. In addition, Beasley had received, as of late August, approximately 100 e-mail messages from gifters appealing to him for a return of their money. Beasley's office plans to start a Web site (www.greaterministries.com) on which will be posted many of the documents recovered from Greater's offices. Cunningham promised to appeal both the judge's injunction and the seizure of the building.

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