BULLETIN: A federal judge in Texas has ordered the former pastor of an Idaho church and his firm to pay more than $2 million in restitution and penalties in a Forex Ponzi scheme that affected 64 customers, including church members allegedly targeted in the preacher’s scam.
The order, which was entered by consent, applies to Jeremiah C. Yancy, who now resides in Atoka, Okla. Yancy also is known as Jeremiah C. Glaub. He ran a Texas-based firm known as Longbranch Group International LLC. The order also applies to the firm.
U.S. District Judge Vanessa Gilmore of the Southern District of Texas issued the order.
Yancy and Longbranch told Forex customers they managed money for churches and orphanages. Customers were told they could expect monthly returns of between 20 percent and 40 percent, and were shown bogus trading results and account statements, the CFTC said.
The agency charged Yancy and the firm in August 2010. Yancy and Longbranch neither admitted nor denied the allegations.