Pastor gets 54-year sentence for defrauding 2,904 church-bond investors

[Newsjock]

Source: Terre Haute Tribune-Star

A former Sullivan pastor received a 54-year prison sentence Tuesday, giving some satisfaction to investors who testified that their lives worsened after Alanar Inc. duped investors out of millions of dollars intended for church construction projects.

... Reeves, 66, was found guilty of nine felony counts involving violations of the Indiana Securities Act at an October jury trial conducted in Gibson County. His sons Chip, Josh and Chris Reeves also face trial next year on the same allegations of class-C felony securities fraud.

... But Judge Martin stated that she found the number of victims -- stated at 2,904 -- and the amount of loss sustained -- figured at $13.1 million still outstanding -- to be aggravating circumstances warranting the length of the sentence.

Martin also highlighted the circumstance of investor Steve Duncan, who testified that after losing his investment he could not afford medical insurance or medical treatment. As a result, he lost his eyesight.

Read more: http://tribstar.com/news/x278369072/NEW-Reeves-sentenced-for-role-in-fraud

[Initech]

1. One day they will all get caught.