The Kingsway International Christian Centre,which is headed by Pastor Mathew Ashimolowo, reportedly lost $4.8 million to a Ponzi scheme after the trustees invested money in it, according to PremiumTimes reports
360 GP understands that the scam was masterminded by former Premier League player, Richard Rufus, formerly a defender for Charlton Athletic.
He promised investors and the church a return as high as 55%
According to Christian Post reports of the findings of inquiry which was published on the 14th December by the Charity Commission for England and Wales disclosed that KICC suffered a net loss of $4.8m after its trustees invested over $6.1m between June 2009 and June 2010
It was learnt that Rufus was a member and former trustee of the church.
He had guaranteed that the investments would earn a return of 55% in a year. Last year, he was found guilty of defrauding 100 investors out of a total of £8.7m in the £16-million investing scheme
Kingsway International Christian Centre was reportedly the single largest investor in the scheme.
According to the Charity Commission, the church’s trustees did not “exercise sufficient care when making the decisions to invest £5 million of the charity’s funds through the ex-trustee’s investment scheme.
They did not follow all the principles expected of trustees to ensure they comply with their trustee duties under charity law when making those decisions,” the report said.
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