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Nancy Ross
Invested in GMI in 1996 to raise money
Invested over $100,000
Money started coming in
Lost so much she needed to start working again
Mary Cohea
Mortgaged house and gave over $80,000 to GMI
Started receiving money as well
Word spreading even more
Lost $66,000
Forced out of retirement at the age of 73
No new investors
Not enough money to pay other investors
Paid with money invested by later investors
Audrey Wharton
Invested over $100,000 in GMI
Lost nearly all of it
Lost son's college fund
Paid with money from even later investors
Lose out on all investments
Told people they had acquired diamond/gold mines in offshore investments and trading
Claimed they were feeding the poor and housing the homeless
-Millions flooding in every month by 1995
-Caught the eye of the IRS
-U.S. Attorney Bob Mosakowski
-Investigators debunk the lucrative mining claims in ---Africa and offshore areas
-NO PRODUCT
-NO SOURCE OF REVENUE except investors
-Cash is just trading hands
Other co-conspirators received sentences from 11-20 years
Gerald Payne
Former contractor
Served time in prison for lying to a grand jury in 1987
Along with the help of Don Hall, they concocted a religious investment plan, which officially became known as Greater Ministries International in 1993.
4-year investigation
Trail lasted only several weeks
20 count indictment
Gerald Payne—27-year sentence
(Federal prison in Minnesota)
Betty Payne—12 and 7 month sentence
Promised investors money would be doubled in 17 months by “God’s Devine Blessings”
Hooked people with Biblical passages
Luke 6:38
Today, Gerald Payne still claims "The great intent was to help all Christians" and he was “relying on god to pay people back.”