Case 1: Religious Prey: Baptist Foundation of Arizona
"American Greed," a new series on CNBC, explores the worlds of scams, cons and schemes. In Episode #5, The Baptist Foundation of Arizona -- millions are invested and lost -- its mission ends in scandal.
THE FAITHFUL
Bill & Pat
Anderson
THE LEADER
Bill Crotts
THE WHISTLE BLOWER
Kyle Tresch
SCENE 1 - A Southern Baptist Church -- an oasis in the Arizona desert, a place of comfort to those in crisis.
SCENE 2 - The Baptist Foundation of Arizona -- a non-profit fundraiser dedicated to the church. Investors take a leap of faith and believe their money will be secure.
SCENE 3 - But sometimes in the desert there's a mirage. What appears to be true... is just a trick of the eye. Investors in the BFA discover the harsh reality -- their financial security is an illusion.
SCENE 4 - A father loses his daughter's tuition -- a couple their savings. "American Greed" unravels the elaborate Ponzi scheme which left a religious community betrayed and baffled.
Hear from the BFA's former Chairman of the Board, Pastor Berry Norwood.
Bill Crotts' attorney, Mike Piccarreta, talks about A.L.O. Inc.
Tom Grabinski's attorney, Daryl Williams, talks about Crotts and his right hand man.