FBI Arrests Head of Folsom Investment Fund (called Christians in Crisis)

[The Straight Story]

FBI Arrests Head of Folsom Investment Fund
Written by Mark Hedlund, Reporter

A Folsom man accused of running an investment fund as a pyramid scheme and using investor money to buy a house, car and yacht has been arrested.

FBI agents arrested Stephen K. Wilson, also known as Stefan Wilson, at his million-dollar Folsom home on Wednesday night.

Wilson ran a "hedge" fund called Christians in Crisis, or CIC Investment Fund. Investigating agents from the IRS and FBI claim he committed fraud, promising investors returns as high as 24 percent while he lost much of their money in day trading, according to a federal search warrant first obtained by News10.

The search of Wilson's house and office was conducted February 15.

Sources close to the investigation say they believe Wilson and others took in as much as $12 million from dozens of unsuspecting investors. While he lost much of that money in day trading, he continued to assure investors the fund was doing well and used new investor money to make promised returns to prior investors, according to the affidavit.

http://www.news10.net/display_story.aspx?storyid=38935

[Joanne98]

1. YAY! k&r

[sinkingfeeling]

2. Another 'family values' Christian!

[mike_c]

3. living well is the best "family value...."

:sarcasm: