Ron Nadel, Kelly Konzelman started Renaissance Asset Fund in the late '90's. At it's zenith it employed dozens of witnesses from local congregations and dozens more of financial advisors who fairly systematically recruited investors from the congregations and others. Like all Ponzi schemes it did great as long as the money poured in. However, as the SEC filing states Nadel used the company as his own personal piggy bank. He later brought on Joe Malone, Steve Swanson (presiding overseer in Santa Monica congregation) Greg Gentile (presiding overseer Dana Point congregation) Tom Ingle and Phil Ingle (elders in San Juan Capistrano West congregation and Capistrano Beach congregation) Alan Long (secretary, Capistrano Beach congregation) and many many other elders. The problem was that Nadel preyed on the congregation using the basic tenants of Affinity Fraud, he and his fellow elders at R.A.F. would exploit their position as elders and the trust placed in them as elders to reassure potential investors that their money was safe. When R.A.F. folded everyone ran for cover and have since then pretended that they never worked at R.A.F. Nadel has practiced this sort of business strategy for years, build up a business that is all hype, exploit brothers who are taken in by his charisma, charm and b.s. and then when the reality of economics sets in he folds the business, rope-a-dopes brothers who try to hold him accountable for his actions and then moves to another area in Southern California and in a few years starts another company. Nadel is by definition a con-man. He uses the inherent trust of the flock in their shepards to gain the confidence of potential investors. He also uses the network of congregations and exploits as his own personal contact list for new investors. And of course financial crimes are very, very difficult to pursue within the framework of the congregation judicial arrangement and so he has never been held accountable for his actions within the congregation. It will take the resouces of the Government, including supoena powers, to get a handle on Nadel and those other elders who misused their position to assist Nadel in his scheme as they profited as well.
bendover
JoinedPosts by bendover
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SEC Halts $16M Scam Aimed at Elderly Jehovahs Witnesses
by RR insec halts $16m scam aimed at elderly jehovahs witnesses
by aaron seward .
july 21, 2006
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S.E.C. Sues Jehovah's Witnesses For Investment Frauds
by West70 inu.s. securities and exchange commission .
washington, d.c. .
litigation release no.
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bendover
Ron Nadel, Kelly Konzelman started Renaissance Asset Fund in the late '90's. At it's zenith it employed dozens of witnesses from local congregations and dozens more of financial advisors who fairly systematically recruited investors from the congregations and others. Like all Ponzi schemes it did great as long as the money poured in. However, as the SEC filing states Nadel used the company as his own personal piggy bank. He later brought on Joe Malone, Steve Swanson (presiding overseer in Santa Monica congregation) Greg Gentile (presiding overseer Dana Point congregation) Tom Ingle and Phil Ingle (elders in San Juan Capistrano West congregation and Capistrano Beach congregation) Alan Long (secretary, Capistrano Beach congregation) and many many other elders. The problem was that Nadel preyed on the congregation using the basic tenants of Affinity Fraud, he and his fellow elders at R.A.F. would exploit their position as elders and the trust placed in them as elders to reassure potential investors that their money was safe. When R.A.F. folded everyone ran for cover and have since then pretended that they never worked at R.A.F. Nadel has practiced this sort of business strategy for years, build up a business that is all hype, exploit brothers who are taken in by his charisma, charm and b.s. and then when the reality of economics sets in he folds the business, rope-a-dopes brothers who try to hold him accountable for his actions and then moves to another area in Southern California and in a few years starts another company. Nadel is by definition a con-man. He uses the inherent trust of the flock in their shepards to gain the confidence of potential investors. He also uses the network of congregations and exploits as his own personal contact list for new investors. And of course financial crimes are very, very difficult to pursue within the framework of the congregation judicial arrangement and so he has never been held accountable for his actions within the congregation. It will take the resouces of the Government, including supoena powers, to get a handle on Nadel and those other elders who misused their position to assist Nadel in his scheme as they profited as well.