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Pastor Ashimolowo loses $5million to Ponzi scheme

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Kingsway International Christian Centre, a 12,000-member megachurch in Britain headed by Nigeria’s Pastor Mathew Ashimolowo, lost $4.8 million to a Ponzi scheme after trustees carelessly invested money in it.

The scam was the brainchild of former Premier League soccer player, Richard Rufus, who used to be a defender for Charlton Athletic. He promised investors along with the church a return as high as 55 per cent.

The Christian Post reporting the findings of an inquiry published 14 December by the Charity Commission for England and Wales revealed that the Kent-based 12,000 members Christian Centre suffered a net loss of about $4.8 million (£3.9 million) after its trustees invested over $6.1 million (£5 million) in four instalments between June 2009 and June 2010 . Mr. Rufus was a member and former trustee of the church.

Mr. Rufus had guaranteed that the investments would earn a sizeable return totalling about 55 percent in a year.He was last year found guilty of defrauding about 100 investors out of a total of $10,731,159 (£8,682,343) in the £16-million investing scheme.

Kingsway International Christian Centre was the single largest investor in the scheme.

Read more about Richard’s scam In the Telegraph: Richard Rufu

-NAN
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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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