IPIC International, et al.
On November 17, 2003, the SEC obtained a temporary restraining order and asset freeze against IPIC International, Inc., various of its affiliates, Gregory Setser, and others in connection with a massive Ponzi scheme. The SEC alleged that the defendants fraudulently sold unregistered "joint venture agreements," raising at least $160 million from evangelical Christian leaders, members of evangelical congregations, and affiliated organizations. In addition to using investor funds to pay returns to prior investors, the SEC alleged the defendants made overseas transfers of funds and purchases of luxury items. On November 18, 2003, the United States Attorney for the Northern District of Texas unsealed an indictment alleging securities fraud and money laundering against Setser and others. For more information about the SEC's action, you can read Litigation Release No. 18470 (Nov. 18, 2003).
The Court also appointed Dennis L. Roossien, Jr. as Receiver. For the latest information, you can visit the Receiver's website.