Wednesday, March 14, 2007

Canadian Ponzi Scheme Funds Republicans

While the headline for this story emphasized the fact that there was some spurious connections with terrorism the real story is that a Christian Businessman from Canada and his American partner bilked Christian investors in a ponzi scheme that helped finance the Bush Regime. The good thing is that when he goes to jail he won't have to find Jesus.

The portly Mr. Anderson seems an unlikely financier of Islamist terror. A born-again Christian, he has actively fundraised for evangelical groups and worked at Trinity Western University until the late 1980s.

"During the time he was employed at the university, his role was in the fundraising office," said Ron Kuehl, senior vice-president of External Relations at the Christian university in B.C.'s Bible belt.

"It seemed that there was a bit of a variety of [job] titles but I would say that the function that he took at the university was clearly in the area of development."

Mr. Anderson’s troubles stem from the business ventures he launched in 2001, Frontier Assets and the Alpha Program, which securities regulators say were "Ponzi schemes" that conned investors
into handing over money that was never actually invested.

A lawsuit filed by nine people who claim they were scammed by Mr. Anderson says he deliberately sought out investors who "held strong Christian values and beliefs."

"Anderson told Plaintiffs that he was offering some very lucrative and confidential investment opportunities that would, while providing a good financial return to Plaintiffs, also benefit Christian organizations and projects throughout the world," the lawsuit says.

According to the FBI and the B.C. Securities Commission, Mr. Anderson collected at least $7-million from his backers, but the money was never invested and the investors were left empty-handed.

Mr. Anderson is tied to terror-financing allegations through his business partner Mr. Alishtari, a 53-year-old American of Moroccan origin who has donated generously to Republican election campaigns.

Find blog posts, photos, events and more off-site about:
, , , , , , , , ,

No comments: