Man Accused Of $16M Ponzi Plot Against Christians

Law360, New York (September 23, 2010, 12:34 PM EDT) -- A federal grand jury has indicted Eldon A. Gresham Jr. for allegedly orchestrating a $15.8 million Ponzi scheme that targeted Christian investors.

The indictment was filed in the U.S. District Court for the Northern District of Texas on Tuesday, alleging that between January 2004 and June 2009 Gresham induced at least 90 people to invest with him and falsely claimed that he consistently generated large returns by trading investor funds in off-exchange currency contracts on the foreign exchange market.

Most of the funds he solicited were...
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