$25 million Scheme

Government investigators say Safevest, was not such a safe investment. They say the Mission Viejo, California based-company has been running a Ponzi scheme aimed at Christians. Jon G. Ervin and John V. Slye have been arrested by the FBI and face fraud charges for allegedly misappropriating at least $25 million. The money came from more than 500 investors who tought they were investing in commodity futures pools but the investment vehicles never existed. Slye claimed he was a pastor who had spent decades working as a missionary. More than two-thirds of the investors were church members.