A Christian music concert promoter is facing federal charges in the US over an alleged $3m (£2.3m/€2.7m) investment fraud.
Jeffrey E. Wall and The Lighthouse Events LLC are accused of conning 150 investors by falsely promising to use their money to organise Christian music concerts and festivals.
The U.S. Securities and Exchange Commission (SEC) said in a complaint filed last Thursday that Wall and his company, which has organised more than 700 faith-based concerts over the last decade, instead used funds for purposes such as paying off debts from previous deals.
The complaint says investors’ money was “guaranteed” to be repaid within a year and would be used solely to promote and host the concerts and festivals. The SEC said around $1.6m of the funds had not been returned.
According to the complaint, a typical mass solicitation email said: “Become a financial partner with our summer festivals. Help us spread the message of Christ plus earn 20% on your investment.”
Wall, who resides in Maine, has yet to not respond to a request for comment from the local newspaper, the Press Reader.