BUSINESS

SEC Suing Church: Bought Cars, Jewels Clothes With Parishioners Money

05/16/2009 05:12 am ET | Updated May 25, 2011

(CN) - Seven leaders of a church in Queens, N.Y., defrauded elderly parishioners of more than $12 million by encouraging them to invest in hedge funds - then using the money to buy themselves a Bentley, jewelry and overseas trips, the SEC says in Brooklyn Federal Court.

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