• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
Christian News Now

Christian News Now

News for the Thinking Christian

  • Home
  • U.S.
  • World
  • Church
  • Faith
  • Tech & Science
  • Family
  • Entertainment
  • Sports

Members of Bethel Church Taken in $35 Million ‘Ponzi Scheme’

December 2, 2020 by Staff

(ChurchLeaders) An attendee of Bethel Church in Redding, California has been arrested for concocting a “ponzi scheme” which swindled investors out of $35 million. Some of the investors were also members of Bethel Church. 

Matthew Piercey set up the investment companies Family Wealth Legacy and Zolla to allegedly entice investors to give him and his business partner, Kenneth Winton, money. Piercey is being charged with wire fraud, mail fraud, money laundering, and witness tampering. Winton is charged with conspiracy to commit wire fraud.

“Piercey and Winton used some investor money to make payments to other investors in a ‘Ponzi scheme,’” a statement released by the Department of Justice reads. “In total, they paid back approximately $8.8 million to investors. They used other investor money for various business and personal expenses, including two residential properties and a houseboat. Few, if any, liquid assets remain to repay investors.”

read more

Filed Under: Church

Primary Sidebar

Trending News

American Family Radio Drops Alistair Begg Following Controversial Remarks About LGBTQ+ Weddings

Cause of Death Revealed for Dallas Pastor Bryan Dunagan, 44

God Is ‘Still Good’—Beth Moore and Jackie Hill Perry Encourage Women Experiencing Infertility

‘I Barely Touched the Lady’—James MacDonald Addresses Assault Charges in Recent Interview

RSS ChurchLeaders

  • Wikipedia Cofounder Larry Sanger Talks to Lecrae About Going From a Skeptic to a Christian
  • Gateway Church Founder Robert Morris Makes 1st Court Appearance Following Sexual Abuse Charges

RSS Faithit

  • ‘You Are Made in the Image of God’—Valedictorian’s Faith-Filled Graduation Speech Goes Viral for All the Right Reasons
  • High School Valedictorian Delivers Graduation Speech Hours After Dad’s Funeral

RSS ForEveryMom

  • Single Mom of 5 Passes Bar Exam After Viral Graduation Photos
  • ‘I Wish You Bad Luck’ – The Graduation Speech ALL of Our Kids Need to Hear

Footer

About Us

Privacy Policy

Contact Us

Newsletter

Search

Copyright © 2025 · Christian News Now