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Oh No You Di'int: Church Leaders Sully Good Name Of Hedge Fund Industry

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Seven "leading members" of a Queens, NY church have been charged by the SEC for defrauding more than 80 investors, most of whom were elderly parishioners, out of 12 or so million dollars. Isaac Ovid, Aaron Riddle, J. Jonathan Coleman, Stephen Cina, Cory Martin, Timothy Smith and Robert Riddle are all accused of "promising returns as high as 75 percent" in two hedge funds (the Logos Fund and the Donum Fund, which have separately charged for their role in the scam). Apparently little if any money was actually invested, but instead used by the group to purchase items like "expensive watches" and Bentleys, and to fund a bunch of vacays.
SEC Charge N.Y. Holy Men With Hedge Fund Fraud [FINalternatives]