A Christian concert promoter will serve more than 4 years in prison for an investment scheme. Lauren Baumann of Los Angeles plead guilty to creating a Ponzi scheme involving nearly $1 million. She's been ordered to pay restitution to more than two dozen people including some from her church, Desert Reign Assembly of God. Baumann ran Stewardship Estates and promised to use the money for Christian battle-of-the-bands concerts. Prosecutors say she used the money to pay off previous investors and on her family. She didn't tell investors she had been convicted of securities fraud more than a decade ago in Texas.
Thursday, March 8, 2012
Christian Concert Promoter Sentenced for Ponzi Scheme
A Christian concert promoter will serve more than 4 years in prison for an investment scheme. Lauren Baumann of Los Angeles plead guilty to creating a Ponzi scheme involving nearly $1 million. She's been ordered to pay restitution to more than two dozen people including some from her church, Desert Reign Assembly of God. Baumann ran Stewardship Estates and promised to use the money for Christian battle-of-the-bands concerts. Prosecutors say she used the money to pay off previous investors and on her family. She didn't tell investors she had been convicted of securities fraud more than a decade ago in Texas.
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