Hebrew Roots Pastor Jim Staley Found Guilty Of Fraud Gets 7 Year Prison Sentence

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Hebrew Roots Pastor Jim Staley Found Guilty Of Fraud Gets 7 Year Prison Sentence Pastor-Jim-Staley

Quote :: According to the indictment, in 2007, James Staley operated Wealth Financial International. That same year, he became a sales agent for a Premium Financing Company located in California known as B & B Equity. As a sales agent Staley found individuals to provide loans for life insurance policies. In many instances, several of these investor/lender’s funds were bundled together to provide financing to purchase one life insurance policy. Staley received a commission for each investor/lender that he found to contribute financing for the purchasing of the life insurance policies. B & B required the lender/investor to invest in the insurance policy for a fixed period of time varying from 18 months to two years. During this period of time Staley represented to clients of Wealth Financial that B & B Premium Financing Company would sell the bundled insurance policies on the open market with guaranteed returns. However, Staley was well aware that if B & B was unable to secure a buyer for the bundled insurance policies that his clients would lose all their monies invested in the Premium Financing product sold by B & B. The indictment states that Staley defrauded eleven investors/lenders by causing them to invest over $3.4 million with B & B, giving him commissions totaling over $570,000.”
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