Feds Say Brothers Conned Millions from Trinity Christian Academy Teachers and Parents

Categories: Legal Battles

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Trinity Christian Academy in Addison, where parents and teachers were allegedly bilked for millions.
There are few certainties in life, but this is one of them: If a person offers you a thousand percent return on an investment, you have on your hands a scam. And there's about a thousand percent chance someone will end up in court.

Yet two brothers, Terry Wiese of Little Elm and Scott Wiese of Temecula, California, somehow successfully convinced a group of investors, many of them reportedly parents and employees from Trinity Christian Academy in Addison, they would see "extreme" returns on investments in an internet telephone company called Usee, Inc., which they described as a "lifestyle tele-media company," according to SEC filings.

Between September 2009 and December 2010, the brothers raised about $6 million from nearly 80 investors, promising fat returns that never materialized. Then, you guessed it, almost all of the investors in the Little Elm-based company lost out. As of Monday, the brothers became tied up in litigation with the SEC. Two slightly luckier investors made some money from funds provided by other investors.

There was no legitimate established manner of turning a profit. "Usee had no business from which to generate any returns to investors," says an SEC release first reported by Courthouse News.

Making matters worse, the investors were "their friends and families, nearly half of whom are teachers, staff, and parents of students at a Dallas-area Christian private school where Terry Wiese's wife works," according to the SEC filing, referring to Trinity Christian.

The brothers invested funds with a company called NFY Financial Consulting, which made them similarly overblown promises. According to the SEC, the Wieses "failed to conduct due diligence before opening the NFY Escrow Account; and did nothing to verify the legitimacy, feasibility, or reality of the supposed platform trading they anticipated NFY would undertake on Usee's behalf."

And NFY wasn't on the up-and-up either, according to the SEC. The company and its principals are listed by the SEC as "relief defendants" for recovering funds provided them by the Wieses. The SEC suit requests permanent injunction relief and repayment of the nearly $6 million invested in Usee, plus interest, along with a $150,000 penalty for each brother.

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12 comments
Jack E. Jett
Jack E. Jett

Allow me to be bitter and honest.

Fuck THEM!   Fuck holier than though hypocrites and homophobic dumb shits......trying to make mega bucks from G.O.D......JEEEE Bus

richard schumacher
richard schumacher

There's no deception like self-deception.  Or as a wise old college professor once said, "God fucks those who fuck themselves".

Oak Cliff Townie
Oak Cliff Townie

Well I know I am going to HELL for Watching South Park but I think reading this comment just got me an upgrade and a Window seat for the ride down there.

Jay
Jay

Of course con men operate successfully running scams out of religious institutions. They are targeting a class of people whose belief system is based almost solely on having unquestioning faith in something they themselves can not possibly comprehend. Some would sat they are naive, some would say gullible, some would say stupid. I think they are a bit of all three.

Now the president has promoted a Small Business Investment Act where entrepreneurs can solicit investors over the internet. Does anyone else other than me expect to see about 90% of these investments disappearing? At least the investment amoun tallowed is limited by income, so the naive, gullible and stupid investors' losses will be somewhat small.

Clancey
Clancey

As the whole thing is a con to begin with,  no great surprise people who believe in it are easily conned:

I. Some Biblical references to greed.

    Ps. 10:3 - "the greedy man curses and spurns God"     Prov. 11:6 - "the treacherous are caught by their own greed"     Jere. 6:13; 8:10 - "everyone is greedy for gain"     Lk. 12:15 - "be on guard against every form of greed; life is not in possessions"     Eph. 4:9 - "Gentiles...practice every kind of impurity with greediness"     I Thess. 2:5 - "we did not come with pretext for greed"     I Tim. 3:8 - (deacons) "not fond of sordid gain" (cf. Titus 1:7)     II Peter 2:3 - (false prophets) "in their greed they will exploit you with false words"     II Peter 2:14 - (false prophets) "have hearts trained in greed"

CrackerDaddy
CrackerDaddy

Greedy bastards got taken -- so sad....too bad.

Matthew Gunter
Matthew Gunter

It's the Dallas Observer. Why do we give two shits about Addison? Let them have an Addison Observer. Stupid suburb.

RTGolden
RTGolden

you do know Dallas is also a County, right?  Might be time to break out of the bubble.

Jon Daniel
Jon Daniel

umm - because a big % of their students and their families live in Dallas?  And because that school is a 8 iron across the tollway from Dallas?

Neff Conner
Neff Conner

Conning Christians: not very difficult, actually.

Montemalone
Montemalone

 They're trained to believe.

Jon Daniel
Jon Daniel

salesmen are the easiest mark for other salesmen

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