Authorities say Vaughn Reeves, founder and owner of now-defunct Alanar Inc., and his three sons duped about 11,000 investors into buying bonds worth $120 million secured by mortgages on construction projects at about 150 churches. The men diverted money from new investments to pay off previous investors, pocketing $6 million and buying airplanes, sports cars and vacations, according to court records. Officials say the scheme operated mainly in Indiana, though church members in other states also were victimized.
October 12, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Karen and Fred Lamb tried to do their homework before investing their savings in an Indiana company’s fund to help churches build or expand. After talking with church friends and checking out Alanar Inc. on the Securities and Exchange Commission’s website, they decided the firm’s goals and beliefs meshed with their own.
“It was a good place where Christians would be investing in the work of other Christians,” said Karen Lamb, a 55-year-old Terre Haute, Ind., housewife.
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