Welsh Thrasher faith scam

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A scam that appears to have targeted people of faith. It offered the marks or targets a combination of a tax avoidance entity (a corporate sole) and a high return investment program or deposit in a fictitious bank or other enterprise. The proposition at the core of the scam was promoted by an Englishman named Howard Welsh and a native of Virginia named Lee Hope Thrasher. Welsh and Thrasher allegedly received 31,000,000 US$ from about 900 people who believed themselves to be bona-fide investors in so-called "Living Your Sole Purpose" entities.

They signed a plea agreement on 11 October 2006 (see link)

This scam seems to have operated as a Ponzi scheme.

http://www.religionnewsblog.com/11019/faith-scam-pair-face-trial-in-the-us http://home.att.net/~fcwriter/news3.htm http://www.usdoj.gov/usao/vae/Pressreleases/casedocuments/us_v_welsh_and_thrasher/Statement%20of%20Facts-Welsh.pdf