baptist foundation of arizona scandal

The foundation was created 51 years ago by the Arizona Southern Baptist Convention to raise money and manage the endowments of Southern Baptist charities, and through its history, the foundation has provided a total of $1.3-million in gifts to church causes. regarding the disclosure of related parties and the recognition of losses, of the accounting professions new antifraud initiatives, such as the or redistributed. It also says that the foundations operating overhead was maintained at excess levels and that it engaged in costly transactions with insiders. The company will be organized to hold the foundations existing assets, which are estimated to be between $160-million and $200-million. Prosecutors said investors were promised high returns and a safe investment for using their money to build churches and retirement homes, but their combined losses totaled more than a half-billion dollars. The newspaper also quoted Arizona Corporation Commission Chairman Bill Mundell as saying, How do you break the news to an elderly couple who risked their life savings? Two years earlier, the Baptist Foundation of Arizona also failed, wiping out savings of 11,000 investors that had $570 million in the fund. [8] Crotts was sentenced to eight years in prison, while Grabinski was sentenced to six years; the two convicted criminals were required to pay $159 million (equivalent to $214 million in 2021), each, in restitution. The entities had no employees of their Year after year, Arthur Anderson audits the Baptist Foundation of Arizona, giving the non-profit group its stamp of approval and a clean bill of financial health. The Arizona Baptist Foundation. PHOENIX -- In 1999, Richard Kimsey and his wife, Susan, deposited $100,000 with a Phoenix-based Southern Baptist agency that promised to do the Lord's work. By watching and reviewing the videos about the Baptist Found of Arizona (BFA), I noticed that Arthur Andersen 'cag[project_management_team]' : 'CNBC US Team' , Ponzi scheme. The Arizona Republic reported that Novak had said Andersens circumstances have changed significantly since it was indicted March 14 on federal charges involving its auditing of Houston-based energy trader Enron. Text. In a short time, it had created a complicated web of dozens of interlocking non-profit and for-profit subsidiaries to operate its real-estate and other investment deals. Yet it raised most of its money by selling investment products to individuals and invested most of those funds in ALO, an allegedly phony company owned by one-time BFA director Jalma Hunsinger. Over lunch in February 1997 with an auditor from Arthur Andersen LLP, a recently resigned accountant from the Baptist Foundation of Arizona had disturbing things to say about her former employer's investment practices. 'content_id' : '100000099' , The Baptist Foundation of Arizona -- a non-profit fundraiser dedicated to the church. Investors in the Baptist Foundation of Arizona, which went belly-up in 1999 in the largest nonprofit bankruptcy in history, are suing Arthur Andersen, the foundation's auditors, for covering up the fact that the foundation was a fraud. If you continue to experience issues, contact us at 202-466-1032 or help@chronicle.com. . Kyle Cooper. SAS 99 July 22, 1999 BFAs board accepts the offers of President Bill Crotts, General Counsel Tom Grabinski and Controller Don Deardorff to relinquish their BFA responsibilities although remain as BFA employees. Get this delivered to your inbox, and more info about our products and services. credible tips or complaints are received about management fraud, auditors However, In other words, it had become a classic Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [9], In 2002, Grabinski sued BFA's insurance carrier, National Union Fire Insurance Company of Pittsburgh, Pa. (National Union), for coverage of his legal fees per the Directors and Officers liability coverage purchased from National Union, plus damages. el.parentNode.insertBefore(s, el); The first time he attested to the value, he indicated that the property was worth $3.3 million. Also on March 29, the trust gained a judges order to reschedule a key trial for April 29 the earliest date permitted by law, the trusts statement noted. Click the link below to sign up for updates from Good Faith Media via our daily or weekly e-newsletters. if (typeof(window._mpspixZ) != 'string') { Legal Statement. Star Stacy Keach (voice) See production, box office & company info Add to Watchlist Photos BFA management was highly motivated not to show any losses and to report only 'cag[device]' : 'mobile-touch' , Start Here; About Us. var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); typeof mps._gptfirst == "function" && mps._gptfirst(adunit, slotid); Presented a detailed analysis of The Baptist Foundation of Arizona scandal and won first place among five teams. Learning its principal note issuer was ALO, she checked public records and found its unaudited balance sheet listed liabilities of $109.7 million and assets at minus $6.9 million. Andersens effort to back out of the BFA settlement focuses on its wholly owned Professional Services Insurance Co. in Hamilton, Bermuda. the Arizona Corporation Commission as required by state law. The BFA filed for Chapter 11 bankruptcy that November, listing assets of $220 million and liabilities of $640 million. First, Robert Tuttle of The Reason Files 2 is reporting the same thing I am hearing from multiple sources. if (typeof adunit != "string") return false; With Enrons collapse, Andersen earned the distinction of having been auditor for both the largest corporate bankruptcy and largest bankruptcy of a non-profit in U.S. history. baptist foundation of arizona scandal. } honesty and integrity. Its bankruptcy late in 2001 caused about 4,000 employees to lose their jobs, while stock losses wiped out their retirement savings and prompted many business reforms. 'cag[template]' : 'special_reports' , 'is_content' : '1' , The Cacaces were among 11,000 investors who lost a combined $580 million when the Baptist Foundation of Arizona, or BFA, a registered nonprofit, filed for Chapter 11 bankruptcy in 1999 in what prosecutors described as a Ponzi scheme. mps._queue.gptloaded.push(function() { At the time BFA filed for bankruptcy in November 1999, it had total liabilities of approximately $650 million and listed assets of approximately $290 million. Profits from investments were supposed to be used to fund the churches' ministries and numerous charitable causes. const url = `${window.location.pathname}${window.location.search}`; Then, BFA sold property is the cornerstone of a multifaceted effort by the accounting profession to At the center of the scandal is Crotts, a charismatic 53-year-old lawyer, who took over the BFA from his father in 1982. April 1998 The Phoenix NewTimes, a tabloid, accuses the BFA of many financial irregularities that threatened the foundations stability. July 19, 1999 BFAs board votes to suspend its offer and sale of securities. One of ALOs primary purposes was to buy and hold non-producing or overvalued investments in real estate so BFA could avoid writing them down as losses. }); or subscribe. incorporated both nonprofit entities. of fraud and even more critical to engage in effective audit procedures to But the value of the investors shares will depend on the performance of the new companys investments and how it fares in the stock market. But a jury found them innocent on 23 counts of theft, saying they didn't intend to steal from investors but got in over their heads and tried to cover it up. While the recently enacted Sarbanes-Oxley Act may only directly impact auditors A grand jury in April 2001 returned indictments charging former BFA officials with 32 counts of fraud, theft and racketeering. On this Wikipedia the language links are at the top of the page across from the article title. The BFA opens a web site address www.bfaz.org to answer questions. Founded in 1948, BFA was created as a nonprofit agency of the Arizona Southern Baptist Convention. Several accountants and one attorney became concerned enough to approach senior management about ALOs deficit. Aug. 11, 1999 The Arizona Republic reports the foundations funds have been frozen as a result of the investigation. In 2002 Andersen was convicted of obstruction of justice for shredding documents related to its audit of Enron. For example, the Phoenix New Times reported a case wherein an individual wanted to sell a US$1.9M (million) piece of asbestos-contaminated property to the BFA for US$1 as a tax write off. leadership, the foundation engaged in a major strategic shift in its business. 207, or tstolle@bcmd.org. mps._ext = mps._ext || {}; Pope Francis I said in an interview with the Associated Press that "homosexuality is not a crime" and encouraged bishops to stop practicing forms of conversion therapy. The Baptist Foundation of Arizona was formed in 1948 by the Arizona Southern Baptist Convention (Convention) to raise and manage endowment funds for Southern Baptist charities. auditors overlook? "These verdicts are a victory for thousands of victims who believed the promises made by the defendants," Attorney General Terry Goddard said in a statement. Baptist Foundation of Arizona's auditor Arthur Anderson Illegal practices of Baptist Foundation of Arizona Holding company with losses of $585 million Told everyone they were building churches Global Crossing's auditor Arthur Anderson Global Crossing illegal practices Borrowing money and changing the origin Anderson asked for the documents and BFA officials refused to provide them. An unambiguous lesson from the BFA case is that the audit team cannot rely 'nid' : '100000099' Another important provision of SAS 99 is that auditors should talk to employees, Management responded to the new environment by structuring accounting transactions //begin OneTrust Redirect Kimsey reportedly invested $100,000 with BFA. Sept. 10, 1999 BFA lays off 72 employees and closes offices in Youngtown and Tucson. Management set up independent separate Jalma Hunsinger, President and Director of Church Ventures (a company whose stated purpose was to build churches), paid $150,000 (equivalent to $196,000 in 2021). July 7, 2020 News Division banned, deleted, faithful word baptist church., Steven Anderson, youtube. } is an increased emphasis on professional skepticism. })(); CT previously covered the scandal involving Jack Schaapformer pastor of the largest independent Baptist congregation, First Baptist Church of Hammond, Indianawho was fired in 2012 and . function isOneTrustAnyBlocked() { Meanwhile in Phoenix, another trial with many similarities quietly entered its 17th week. [8] The trial of Grabinski and Crotts was the longest criminal jury trial in the history of the state of Arizona. owed BFA significant amounts of notes receivables. You have to deal with the embarrassment of it, the cleanup of it, but it doesnt put you out of business., Debra E. Blum is a freelance writer and has been a contributor to, An Update for Readers on Our New Nonprofit Status. return ''; All Rights Reserved. }); We look forward to serving you! const blockedCategories = decodeURIComponent(matches[1]) Southern Baptist Foundation Scheme in Arizona. See Church Loan Guidelines for details or download a Church Loan Application. MVPNs were "fraudulently represented as one which could be redeemed at any time, although with an interest penalty. const OneTrustCategories = { Aug. 28, 1999 The BFA board of directors votes to terminate the employment of William Crotts, Thomas Grabinski, and Donald Deardorff. The foundation, controlled by the Arizona Southern Baptist Convention, declared bankruptcy in 1999 after state regulators ordered it to stop selling securities. BFAs failure and the subsequent penalties provide The BFA won a religious exemption from both Arizona statutes governing securities and banking laws. How did such a massive fraud develop? In one year, there was an amazing increase in the 2023 Southern Baptist Convention. In 1989, Arizonas In BFAs early days, it focused its attention [8] Indictments were handed down in April 2001; by July 2006, when BFA's president and CEO William Crotts and BFA's Chief Legal Counsel Thomas Grabinski were found guilty at trial on multiple counts of fraud, five other defendants had already pleaded guilty. Arthur Andersen Faces Court Trial Over Baptist Investment Foundation. This material may not be published, broadcast, rewritten, The BFA was a church-affiliated charity, one that preyed on the members of its own congregation and operated for years before church fraud detection put a stop to it. 'is_sponsored' : '0' , var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+. mps._urlContainsEmail = function() { if (!matches) { [5], The BFA sold certificates of deposit that were non-refundable during the life of the CD. [7], A land flipping scheme is one where a person or company inflates the value of a piece of property to make more money. Andersen opposed that request in court, the trust said; the Arthur Andersen Internet site, meanwhile, makes no mention of its latest BFA actions. Sept. 20, 1999 Pastor Richard A. Kimsey amends his lawsuit against BFA to include the Arizona Southern Baptist Convention and Steve Bass, executive director treasurer of the convention's Executive Board. 'site' : 'cnbc-mobile' , if (!mps._ext || !mps._ext.loaded) { The Mirage But sometimes in the. Under his leadership, the organization held strict moral values, including its officers being forbidden to gamble or drink alcohol. If more than $40-million in claims are made, investors will have to share the money on a prorated basis, receiving even less than 20 cents on the dollar. The Baptist Foundation does have a plan to help investors recoup at least a portion of their money. The BFA was associated with the Arizona Southern Baptist Convention, which was affiliated with the national organization. Officials at the Arizona Southern Baptist Convention were unavailable for comment. // check for region and redirect if country is in EEARegion const EEA_REGION_COUNTRY_CODES = ['AT', 'BE', 'BG', 'HR', 'CY', 'CZ', 'DK', 'EE', 'FI', 'FR', 'DE', 'GR', 'HU', 'IS', 'IE', 'IT', 'LV', 'LI', 'LT', 'LU', 'MT', 'NL', 'NO', 'PL', 'PT', 'RO', 'SK', 'SI', 'ES', 'SE', 'CH', 'TR', 'GB']; real estate properties were ALO and New Church Ventures. aside any prior beliefs as to managements honesty. The majority of New Church Ventures Five other defendants pleaded guilty to fraud or other charges and agreed to pay fines, Goddard said. [12][13], In 2002, a judge in the civil court case of the BFA Liquidation Trust versus Arthur Andersen, the Big Five accounting firm that also failed to properly audit Enron, officially approved a settlement that would pay former BFA investors $217 million (equivalent to $327 million in 2021) for Andersen's failure to identify fraudulent activities at the BFA. In August 2006, a jury found Crotts, the foundation's ex-president, and . Last July, two executives from the Baptist Foundation of Arizona were convicted of fraud and racketeering after more than 11,000 investors lost more than $550 million perhaps the largest case of Christian fraud in American history. Foundation officials and others involved in the investment scandal that led to the collapse may eventually face both civil and criminal charges. Its initial mission was to raise donations and support mps.__intcode = "v2"; Baptist Foundation of Arizona Beecher-Tilton scandal case Branch Davidians C Claudy bombing F Foreign Office papal visit memo G Greater Grace World Outreach Greater Ministries International H Hyles-Anderson College I 2015 Iglesia ni Cristo leadership controversy K Keldholme Priory election dispute David Koresh L Lonnie Latham Larry Lea {"@context": "https://schema.org","@type": "WebPage","url": "https://www.cnbc.com/id/100000099","keywords": ["CNBC TV","Primetime Shows 2","American Greed","source:tagname:CNBC US Source"]} for (var i in mps.response.dart.adunits) { let cEnd = document.cookie.indexOf(';', cStart); 'https' : 'http') + '://pix.nbcuni.com/a-pii.gif?X=piiblock&S=' + mps.pagevars.instance + '&P=' + mps.pagevars.mpsid + '&A=' + i + '&U=' + encodeURIComponent(window.location.href) + '&_=' + window._mpspixZ; June 2, 2010, 9:03 AM. New Church Ventures A report has been made to law enforcement, and I'm guessing . mps._queue.adview = mps._queue.adview || []; if (mps._urlContainsEmail()) { the firm should have issued either a qualified or an adverse opinion on the } It says that a new charity will be established that will be involved in traditional Baptist charitable activities, including, for example, ministries, education, and providing routine trust and estate planning. The new charity, the statement says, will be prohibited from selling debt securities. mps._debug('[MPS]: email address detected in url, bypass gpt. [1], Each of these related companies had Bill Crotts and the BFA's chief attorney, Tom Grabinski, on their board. Oct. 7, 2009 -- It's a practice that appeals to some people but disturbs many others: freezing the deceased in the hope . }, mpsopts = { The Arizona Republic reported that Novak had said Andersen's circumstances have changed significantly since it was indicted March 14 on federal charges involving its auditing of Houston-based energy trader Enron. baptist foundation of arizona scandalshaun thompson elmhurst Consultation Request a Free Consultation Now. Napolitanos office began its legal initiatives against Andersen on behalf of the Arizona Accountancy Board in December 2000 over allegations the firm failed to conduct proper audits on BFAs financial statements. [15] At the time, this settlement was the second largest settlement in the nation's history for a Big Five accounting firm that was not related to the Savings and Loan collapses of 1986 to 1995. More specifically, the litigation was brought by Arizona's Corporation Commission (Securities Division), as well as the state's attorney general. BFA, an agency of the Arizona Southern Baptist Convention, was founded in 1948 to raise and manage endowments for church work in Arizona. 'type' : 'mobile: episode' , The foundation was created in 1948 by the Southern Baptist Convention to administer endowments to the church. "[1] Since he was working for both companies, Grabinski was able to authorize questionable transactions. When the foundation was closed by the Arizona attorney general's office, it owed $570 million to investors and had assets worth an estimated $220 million. In 1948, the Baptist Foundation of Arizona was founded in 1948 and initially sought to provide a financial revenue for participants while supporting Baptist-motivated causes. The previously announced cash out plan is shelved after talking to more than 4,000 investors. 'template' : 'special_reports' , Aug. 27, 1999 A class action lawsuit filed by investor Franklin Kestner Sr. charges the BFA bilked investors by funneling their money into projects that resulted in personal gain and profit for BFA officers. Who We Are; The Team . 'cag[type_creator]' : 'Stacy Keach' , June 7, 2022 . from ALO and New Church Ventures (SFAS 5. too heavily upon management assurances. lawsuit for $217 million. BFAs counsel is informed that the state investigation could result in proceedings against individuals at BFA as well as the organization itself. var pixelurl = ((document.location.protocol === 'https') ? The Baptist that ALO had a negative net worth of $116 million and had been losing more In his resignation letter, Tresch told BFA officials they have placed themselves in a position of civil and criminal liability. Surname 1 Student's Name Professor's Name Course Date Financial Fraud Question I The litigation (function() { "host" : 'mps.cnbc.com', } In applying SAS 99, auditors should plan and execute every audit Aug. 5, 1999 BFAs board returned all client checks received since July 22; suspended redemption of all investment products; retained Squire, Sanders, and Dempsey, LLP, an international law firm. Two of the most significant entities set up to hide BFAs nonperforming The foundation halted security sales in August, however, when state regulators found that it did not have the money to cover its debts to investors. Three former BFA officials have pleaded guilty to felonies in the case while Crotts and four others face fraud and racketeering charges. Convention required BFA to be a profitable, self-sustaining independent entity. In the case, it claims that Arthur Anderson gave investors a false sense of security after giving out Anderson issued a clean audit in order to attract new investors. For example, on one day Grabinski attested to the value of a piece of property twice. financial assistance was not expected to come from any other source. mps._adsheld.push(adunit) Another pastor, Manly Perry of Old Path Baptist Church in San Antonio, Texas, posted a video Nov. 19 distancing himself from the New IFB. } both in and outside of management. This page contains information The Cult Education Institute has gathered. purpose was to finance new Southern Baptist churches in Arizona. When the State Board of Accountancy: Arthur Andersen, without admitting or denying any fault, settled an investors He pleaded guilty to six felonies and agreed to testify against other defendants, which include former CEO William Crotts and General Counsel Thomas Grabinksi. Many were elderly and invested their retirement savings in the belief not only that their money was safe, but that part of their earnings would be put to use to advance the Lords work through planting of Southern Baptist churches. outside an entity that suggests the possibility that management fraud may Southern Baptist Media Day Added to SBC Calendar, Appalachian Church Boosted by Zions Cause Baptist Church in Western Kentucky, Southern Baptist Editors Challenged to Press On, Relationships, conversations key to sharing the hope of Christ, former missionary says, SBC DIGEST: Stolle to lead BCM/D; IMB pipeline tops 1,200, Spurgeon College basketball coach Billy Livezey wins Coach of the Year Award, FIRST-PERSON: Georgia Baptist bicentennial: Lamenting a heritage of racism and slavery, As Church Staffs Grow, Ministry Leaders Look to the Bible for Titles, Churches Declare Their Stance on Pastorship Through Ordination, Jesus Revolution heads into second weekend after 3rd-place box office opening, Second Daytona 500 win in three years shows moments matter in racing and life, Walgreens action on abortion pill falls short, ERLC says, ARITF releases video interview with Samantha Kilpatrick of Guideposts Faith-Based Solutions, SBC DIGEST: Unify Project prayer guide; Barber gives CP lesson at SBTC conference. Aug. 30, 1999 Pastor Richard A. Kimsey and his wife file a lawsuit charging the BFA with running an investment sales Ponzi scheme. 1 (803) 227-6197 kcooper@mybfsc.org. some red flag warnings that fraud was occurring, led to the Andersen settlement. Crotts denies any wrongdoing, as he has since the story broke in the Phoenix New Times. if (isOneTrustAnyBlocked()) { (function() { BFA invested heavily in real estate, a more speculative investment strategy than other Baptist foundations in the state traditionally used. } isEEARegionCheck(); var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; // execute }; The Enron scandal has entered the BFA picture, according to Andersens Phoenix attorney, Ed Novak. 'cag[type_source]' : 'CNBC US Source' , manager on the BFA audit lost their CPA licenses to practice and a third CPA Novak contended that Andersen and its insurance company are two separate entities, The Republic reported, while Napolitano depicted the two as one and the same and thus Andersen in actuality is reneging on the settlement. script.setAttribute("async", true); The following were some of the key warnings: Cases like the Baptist Foundation, along with other corporate frauds, have BFA informed Arizona Southern Baptist pastors of the financial crisis at a retreat held last weekend at the Wigwam Resort. The Baptist Foundation of Arizona (BFA) was a Southern Baptist charity, which executed an affinity fraud on unwitting worshippers in the Southern Baptist community in Arizona, leading to the largest collapse of a religious financial institution in U.S. history. document.cookie = "__adblocker=" + (adblocker ? The investors, many of whom are elderly, apparently were lured by promises of lucrative financial returns and assurances that some of their investment would benefit church ministries. In the decade since Vasquez's appeal for help, more than 250 people who worked or volunteered in Southern Baptist churches have been charged with sex crimes, an investigation by the Houston . Perceiving a lack of response, most resigned. mps.cloneAd = function() { return false; } .map(categoryPreference => parseInt(categoryPreference.split(':')[0], 10)); } Date.now() : (function() { return +new Date })(); if (EEA_REGION_COUNTRY_CODES.includes(result.geo.country_code)) { accounting treatment desired by management. When the BFA filed for bankruptcy in 1999, it had $530 million in liabilities as compared to a reported $70 million in assets. } Money & Investing. in that it represents the largest cash settlement for a nonprofit case and and New Church Ventures $173.6 million. }).catch(() => {}); An increased focus on professional skepticism in gathering Managing editor at EthicsDaily.com from 2003-2009, Allen wrote more than 1,500 news stories during his tenure. Accusations of New IFB being a cult were also made by former New IFB preacher Adam Fannin, who left after the Romero scandal in January 2019. if (mps.response && mps.response.dart && typeof(mps.response.dart.adunits) === 'object') { Improving and strengthening fraud detection is at the heart Quotes displayed in real-time or delayed by at least 15 minutes. A Division of NBCUniversal. .filter(categoryPreference => !categoryPreference.includes('0_') && categoryPreference.includes(':0')) PHOENIX Two former executives of the Baptist Foundation of Arizona, which collapsed in what has been called the largest nonprofit bankruptcy filing in the nation's history, have been convicted of fraud. evidence. The BFA Liquidation Trust, which is seeking to recover the investors funds, immediately took action. if (cEnd === -1) { real estate bubble burst and property values declined substantially. succeeded in 1984 by his son, William P. Crotts. We re-invest your money and the profit we earn goes to further such ministries as Christian education, care for children and senior adults, missions and new church starts. 'title' : 'American Greed: Religious Prey: Baptist Foundation of Arizona | Medical Scams' , Robert H. Colson, PhD, CPA .split(',') Watch how the . The BFA's leaders, including a respected pastor and his adult son, used everything from Ponzi schemes to "land flipping" in order to squeeze money out of the community. Romero was a former congregant of Anderson's church before going to start the Fort Worth church with his . Market data provided by Factset. To this day, it is considered one of the largest affinity frauds in U.S history. 'cag[related_primary]' : '' , The most likely cause of this is a content blocker on your computer or network. Powered and implemented by FactSet Digital Solutions. for ALO and New Church Ventures, but management refused to release the statements. document.addEventListener("DOMContentLoaded", function(event) { implementation is being urged. mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; The Arizona Republic called it a stunning blow to 13,000 BFA investors who had been told the March 1 settlement would, by the end of the year, help recoup 44 percent of an overall $585 million loss in the nonprofit agencys collapse. about the Baptist Foundation of Arizona. Arizona has had its fair share of scams and schemes over the years, but none was more prominent than the Baptist Foundation of Arizona financial collapse and bankruptcy. Looming losses hidden in off . The collapse of Bryant Financial Associates was a complete scandal that exposed the fraudulent activities of its executives. const COOKIE_REGEX = /groups=([^&]*)/; "[6], Mechanisms whereby the early investors make a profit by receiving the contributions of later investors. Up to $40 million is available for the cash-out plan. New Church Ventures sold the stock to another BFA subsidiary, also in exchange for a $1.6 million reduction in a credit line, which turned around and sold for $3.2 million to Harold Dewayne Friend, who in September accepted a plea bargain and agreed to cooperate with the prosecutors.

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baptist foundation of arizona scandal