Georgia man convicted for bilking hundreds of churches

Jet, Feb 28, 2005

Abraham Kennard is escorted from U.S. District Court in Rome, GA. Kennard, 46, was convicted on 116 counts, including fraud and evasion, and of stealing nearly $9 million from 1,600 Black churches in 41 states in just over a year by promising them big returns on small investments. Prosecutors said Kennard claimed his company was developing Christian resorts around the nation.

He told preachers that for a fee of a few thousand dollars, their churches could be "members" of his company. In return, he promised that in time the churches would get a grant or a forgivable loan of up to $500,000. The scheme spread as the trusting ministers told their friends, relatives and fellow pastors. He is scheduled to be sentenced on April 15.