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Pastor Matthew Ashimolowo Loses $4.8m To Ponzi Scheme

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Pastor Matthew Ashimolowo’s, the founder of Kingsway International Christian Centre, KICC, has reportedly lost $4.8 million in charitable funds after trustees carelessly invested money in what later turned out to be a ponzi scheme headed by a former Premier League soccer player, according to a report on The Christian Post, a United Kingdom based website.

The ponzi scheme owned by Richard Rufus, who used to be a former member on the board of the church, promised investors along with the church a return as high as 55 per cent.

He was last year found guilty of defrauding about 100 investors out of a total of $10,731,159 (£8,682,343) in the £16-million investing scheme.

The Charity Commission said in the report, the church’s trustees handed over an initial investment and entered into an agreement in which they were guaranteed that investment would earn a profit of about 5 percent per month, with the exception of August and December when they were guaranteed profits of about 2.5 percent.

“The inquiry established that in practice, however, the investments resulted in a net loss of £3.9 million to the charity,” the report explains.

The report states that the church’s trustees who handed over the funds were guilty of “mismanagement.” The commission found that the church’s trustees did not “exercise sufficient care when making the decisions to invest £5 million of the charity’s funds through the ex-trustee’s investment scheme.”

“They did not follow all the principles expected of trustees to ensure they comply with their trustee duties under charity law when making those decisions,” the report concludes.

Kingsway International Christian Centre, KICC, was the single largest investor in the scheme.

Christian Post disclosed that the church had a net loss of about $4.8 million (£3.9 million) after its trustees invested over $6.1 million (£5 million).

“The inquiry established that in practice, however, the investments resulted in a net loss of £3.9% million to the charity,” the report explains The report states that the church’s trustees who handed over the funds were guilty of “mismanagement.”

The commission found that the church’s trustees did not “exercise sufficient care when making the decisions to invest £5 million of the charity’s funds through the ex-trustee’s investment scheme, the report says.




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