What You Must Know
- David Lee Parrish was one in all two pastors charged with operating a $33 million Ponzi scheme.
- The Church for the Wholesome Self held no spiritual providers however ran an funding program promising 12% returns.
- The SEC barred Parrish from the trade. He pleaded responsible to conspiracy in 2020 and is in jail.
The Securities and Trade Fee on Friday barred one in all two California pastors who had been charged in 2019 with working a $33 million Ponzi scheme.
As a part of an settlement, David Lee Parrish, 50, can now not affiliate with any dealer, seller, advisor, municipal securities seller, municipal advisor, switch agent, or nationally acknowledged statistical score group, and likewise can’t take part in any providing of a penny inventory ever once more, in keeping with an SEC order filed on Friday.
In 2019, the SEC introduced fraud expenses and an asset freeze in opposition to Parrish and Kent R.E. Whitney, founding father of a faux church referred to as The Church for the Wholesome Self.
As a part of their Ponzi scheme, they promised excessive annual returns with minimal to no threat to buyers within the Vietnamese group of Orange County, California, in keeping with the SEC.
Whitney based the phony church three months after being launched from federal jail for orchestrating a previous funding scheme involving commodities, the SEC mentioned in 2019.
Undeterred by jail, Whitney established a church to defraud extra buyers after he was launched in 2014, in keeping with the SEC. Shortly thereafter, he turned an ordained minister by way of a web based program. A month later, he shaped The Church for the Wholesome Self, purportedly as a nonprofit, spiritual group.