He Was Joel Osteen Before Joel Osteen

How did Gerald Payne run one of the largest Ponzi schemes in US history preaching Prosperity Gospel? Find out in this video!

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Bring the Payne
Like many other teachers of the so-called "prosperity gospel," Pastor Gerald Payne had a distorted idea of Christian charity and divine blessings. By 1993 he had a church – Greater Ministries International, based in Tampa, Florida – and a loyal flock that subscribed to Payne's bigotted beliefs that white, American Christians were exempt from Government rules.

Convicted
Payne was already a convicted felon, having served time for lying to a grand jury when he became an ordained minister in the 1980s. Like many of his fellow Ponzi-Pastors, Payne received a message from God.

Saving Face
So how does someone fall prey to a scam like this? For starters, Greater Ministries International camouflaged its activities well. For instance, the church operated charitable programs for recovering addicts and the homeless that appeared genuine.

Double Your Money Scam
Payne and his co-conspirators operated freely for years, even though the IRS began looking into Greater Ministries as early as 1995. To help spread their message, Payne recruited other pastors around the country – known as church elders – who received five-percent commissions for convincing their church members to give to Greater Ministries International.

The Great Spend
Payne promised investors that their money would be put to good use—that he was "doing the Lord's work." Payne also enticed donors by saying he'd invest in precious metals like gold and diamonds dug up in African mines, which ultimately proved unproductive.

The Great Fall
Finally, in 1998, five years after establishing Greater Ministries International, Payne's luck ran out. BestBank, a crooked Colorado-based bank where Payne kept church funds, collapsed after bank officials overstated the value of its credit card business to make millions in bonuses.

Shot Down in Flames
Following the BestBank collapse, murmurs about what Payne was doing grew louder. Instead of promising investors money as a reward for their faith, Greater Ministries began issuing worthless gold and silver certificates backed by non-existent hauls from those unproductive mines in Africa.

Aftermath
While that was a win for justice, most of the money that Payne took in was never recovered, meaning those he defrauded never received restitution. Many, especially those who fully subscribed to Payne's version of a corrupt U.S. Government being swayed by a New World Order, never spoke out against him.

Видео He Was Joel Osteen Before Joel Osteen канала Pablito's Way