Funds Donated for Bibles Accused of Being Utilized for Sports Betting in $32 Million Scam
Someone is being hunted down for allegedly using a significant portion of the $32 million he amassed through a fundraising campaign for gambling activities. He publicly claimed the funds would be utilized for distributing Bibles and Christian literature in China.
It's reported that around $1 million was spent on an online sports gambling website, while other monies were ostensibly used to procure personal belongings or reinvested. The alleged perpetrator, Jason Gerald Shenk, aged 45, formerly of Dublin, Georgia, was indicted on a total of 37 federal charges. These include four counts of wire fraud, three counts of international money laundering concealment, 13 counts of money laundering concealment, and 21 counts of money laundering involving transactions exceeding $10,000. Furthermore, he was charged with one count of failure to submit a report regarding a foreign bank account.
The investigation unveiled that Shenk had deceived several charities and individuals in Ohio and North Carolina, among others. These individuals assumed their donations would primarily fund the publication and distribution of Bibles and other religious literature to destitute people in China.
Instead, these funds were allegedly transmitted through shell corporations between April 2010 and July 2019.
Prosecutors state that Shenk raised around $22 million from a single charitable organization and its donors. Additionally, about $10 million more was raised from a different charity and its contributors.
In an effort to evade financial reporting obligations, Shenk gave up his American citizenship in 2016.
If Shenk is found guilty of these charges, he could face up to 20 years in custody, the loss of any assets associated with the offense, financial penalties, and prolonged supervision after serving his sentence. Jill E. Steinberg, U.S. Attorney for the Southern District of Georgia, made this known this week as part of a statement.
She explained that donors of faith expect those who collect donations for religious goals to steward the funds responsibly when they donate with evangelistic purposes. Shenk is thought to have violated this trust, causing three charities and other individual donors significant damage.
The indictment states that Shenk represented himself as a Christian missionary devoted to several Christian mission projects all over the world, including in Thailand, Vietnam, Cambodia, and China.
Investment Breakdown
Shenk allegedly diverted approximately $850,000 to a private nuclear energy corporation, invested approximately $4 million in 16 or more life insurance policies, and spent almost $1 million on diamonds, gold, and other valuable metals.
Just shy of $7 million wound up with the company running Shenk's family farm, over $820,000 was employed to buy merchandise using credit cards, and nearly $320,000 was expended on real estate in Santiago, Chile.
More than $188,000 was invested across domestic and foreign stocks.
Victim Information
The authorities urge anyone believing they were defrauded by Shenk to contact them at 478-752-6810.
Those with information on his whereabouts should also use the same number to inform officials.
Read also:
- Columbia University Faces Possible Expulsion Following Demonstrations
- Football turmoil in Munich: Last-minute penalty stuns Bayern
- Steinmeier Faces Backlash Over "Expert Caliber" Remark
- US State Department Lacks Own Standards in Regard to Israel
Source: www.casino.org
