A BFA liquidation trust was set up to sell off assets to allow investors to recover part of their money. Andersen blamed WorldCom for the scandal, insisting that the . 'cag[type_creator]' : 'Stacy Keach' , Scandals and stock market crashes . It also says that the foundations operating overhead was maintained at excess levels and that it engaged in costly transactions with insiders. Oklahoma Baptist foundation loses money in Madoff scandal STRICTLY_NECESSARY: 1, Data is a real-time snapshot *Data is delayed at least 15 minutes. In August 2006, a jury found Crotts, the foundation's ex-president, and . It was eventually revealed that it had over $500 million in liabilities. succeeded in 1984 by his son, William P. Crotts. Buckner also used Anderson and turned the information over to the firm. 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 conventions Executive Board. document.getElementsByTagName("head")[0].appendChild(script); investment cycles, however, the upward trend did not continue. "They had their faith shattered and faced the possible loss of all their retirement investments.". Robert H. Colson, PhD, CPA 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. The BFA carried out a number of illegal activities in perpetrating affinity fraud against Southern Baptist worshipers in Arizona. }, mpsopts = { } Arizona Baptist Foundation victims still recovering | Cronkite News for (var i in mps.response.dart.adunits) { Since August, the foundation has fired its top three officials, severed ties with the law and accounting firms with which it had worked, laid off 72 of its 127 employees, and closed its two branch offices. mps._queue = mps._queue || {}; Officials at the Arizona Southern Baptist Convention were unavailable for comment. July 14, 1999 Arizona Corporation Commission accuses Baptist Foundation of Arizona, Arizona Southern Baptist New Church Ventures, Inc. and Christian Financial Partners, Inc. of violating Arizona Securities Act. Profits from investments were supposed to be used to fund the churches' ministries and numerous charitable causes. Two of the most significant entities set up to hide BFAs nonperforming Hundreds Accuse Independent Baptist Pastors of Abuse - News & Reporting '); The principal allegation of the lawsuit is that Arthur Anderson ignored clear signs and evidence that one of its clientsthe Baptist Foundation of Arizona (BFA)was engaged in ongoing fraud . Sept. 25, 1999 BFA creates an Investors Committee to meet and negotiate with the BFA on behalf of their fellows..
