Jason Stockstill on left, Larry Stockstill on right
Pastors, televangelists, and other religious leaders are held in a position of trust. In general, they are more trusted by the churchgoing, Bible-believing public because they are assumed to be living clean, godly lives. They are assumed to have integrity.
When one of these leaders recommends an investment to a member or members of their congregation who have money to invest, it should be a no-brainer to fund, finance or otherwise support whatever “great investment opportunity” they recommend.
But not so fast. We’ve been told by financial regulators that there is more money stolen in the name of God than any other way! Check out this pastor’s fraudulent crypto-currency scheme for example.
“Godly” leaders themselves are also vulnerable to investment scams. It’s common for religious leaders to be recruited by unscrupulous con-artists by appealing to the leader’s underlying human greed. Moreover, pastors are frequently bad at discerning people’s character.
Televangelist Benny Hinn was never charged or convicted of any crime, but in the early 2000s, Hinn had a hand in helping gain investors for two different ‘Ponzi Scheme’ criminals, Gregory Setser and Joseph Medawar, who stole millions from unsuspecting investors and were convicted. Our article How Criminals Target Wealthy Believers gives more details. This type of situation is known as “religious affinity fraud”.
The following is an ongoing story about religious affinity investments that have gone awry.
Larry Stockstill, Jason Stockstill, & Tangible Trading Company—an Investor’s Nightmare
Ken Addington invested $175,000
Jason Stockstill approached Ken Addington in the fall of 2021 to invest in his export company and to join the board of directors. He called it Tangible Trading Co. and incorporated it in Delaware.
When Addington found out Jason’s father, retired Louisiana megachurch Pastor Larry Stockstill was the Chairman of the Board of ‘Tangible’ he “felt it was an honor for me to serve with these men. I felt that Larry was a pastor’s pastor, a man of integrity and held him in the highest regard.”