The Washington Post reports:
The Alexandria, Va., pastor told his parishioners they could benefit themselves while doing good if they invested in his Christian-based company lending small amounts of money to entrepreneurs in developing countries.
Instead, a jury in Alexandria federal court agreed that Terry Millender and his wife Brenda Millender, who together ran Victorious Life Church, defrauded their friends and flock out of millions of dollars.
Terry Millender told investors they would make their money back with profit, all while fueling growth in developing countries. But that never happened.
Prosecutors said the couple had no experience in microlending and did not tell investors they planned to generate profit though risky currency trading. Their friends’ money was used to lure in new investors, according to court documents, and to make payments on a $1.75 million home in Springfield, Va.
The couple faces 20 years in prison.