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Resource ID: #13647
Source:Prince William Journal
A non-profit organization, National Capital Christian Broadcasting Inc., solicited donations and borrowed more than $14 million from listeners of its religious television stations to build a Christian broadcast network. The non-profit bought and sold several television stations but never repaid any of the more than $9 million it had borrowed over the last 12 years from about 500 listener/investors. Most of these were senior citizens and had invested money they had previously set aside for their retirement. Although about 30 civil lawsuits had been filed in local courts against NCCB within the last year, PWJ found that most of the 500 investors did not know there was a problem with their investments until this investigation.