BULLETIN: Dozens of members of a church congregation were scammed by husband-and-wife pastors and a church administrator in a Forex fraud and “loan” scheme in which money was funneled to Panama, Toronto police say.
Arrested were Lorraine Bahlmann, 47, Verna Hibbert, 48, and Marlon Hibbert, 49. They’ve been charged with with 38 counts of fraud over $5,000 in the alleged scam, which reportedly gathered about $8.6 million.
Millions of dollars appear to be missing, police said.
“Each month, the accused would have statements, which he would send to the victims showing growth in their investment accounts when in fact the accused was losing money,” said Det. Gail Regan of the Service’s Financial Crimes Unit.
The Ontario Securities Commission was involved in the probe, police said.
“[L]arge portions of the victim’s money” are believed to have been transferred to Panama, Regan said.
“The victims are hurt and distraught,” she said. “They still can’t believe that someone like him has done this to them.”
Investigators have identified 38 victims, but Regan said there may be nearly 200. The phone number to contact police is 416-808-7238.
Some of the victims lost their homes and life savings, Regan said.
Between January 2005 and December 2010, “the accused convinced congregation members and their families and friends to invest money with the pastor in the form of loan agreements and investment contracts,” police said.