FBI Agent Exposes the Dark Side of Mega Churches
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Why do fraudsters target mega churches and their congregations?
Churches tend to be a haven for defrauders. He would pitch to the church congregations his chairman's fund that was actually endorsed by Jesus Christ Himself. Over a two-month period, he embezzles forty seven million dollars. Hello Matcox. Hello. So good to see you. What's going on? Thanks for having me back. Got a dozen stories for you today. Yeah. I'm gonna tell you about the crime. I'm gonna tell you the whole crime story. Some of them involved me, crimes I investigated, some of them do not. And your job is to guess the sentence. Okay.
Within how many years? We need to set a guide. Yeah, because
I'm
never gonna hit one on the
head. Are we keeping score? Is this I'm keeping score today. Oh okay. I'm keeping score. Let's say we have three years.
No, within a ten percent variant. Okay. How about that? So you can be 10% right on you know number of months or whatever, number of years on on the upside or the downside. It's close. It's pretty close. You want
15%?
How do the hosts set up the scoring rules for guessing prison sentences?
I think within 20%. Come on. 20% that's 20%.
So so if it's a 10-year sentence, he's got to be be within two years. Yes. Fair enough. I can live with that. I mean it's your show. So if I'm 20%, then that's uh that's okay. And we have 12 stories. Yes. So what's a passing grade? Let's say I think eighty
percent, huh?
Let's say eight eight out of ten is is passing. I mean, you don't have to ask me. I mean uh there's money on the I'm not paying them. Yeah, this is just uh this is audience retention. You know, people gotta watch to the end. All right, okay. Nine. So you gotta
you have to have nine. I have to have nine. Let's say nine out of nine would be roughly eighty percent. You're shooting for nine of ten.
Somebody we don't have
an actual scoreboard up here against the red wall. The first story is one that I investigated. Oh, okay. A fella named Kevin. So this guy got away. Nice, nice. You familiar with annuity investments?
Yes. What do you know about annuities? Um, annuities are where you it's like an insurance product, right? Like you invest in like an insurance product. Yeah, it's
it's the only in it's the only investment product that life insurance people are allowed to sell. Okay. Okay. And so life insurance people, you know, I term life insurance or whatever. If I croak, my heir gets X dollar amount. There's also whole life which has like a a built-in thing to it. But the real money in the life insurance sales business is selling these investment products called annuities. And what annuity is you're going to pay a certain amount of money either per month or a lump sum. And then when you hit some certain age, you're going to get a check every month like Social Security. Right. So supplement your income until you die. And then the then the investment goes away. It has no value at that point, which is why it's sold by life insurance companies 'cause they're all into the actuarial tables and how long you're likely to live and all that.
Right. I don't like annuities as an investment. I think um the pr the problem is that when you're evaluating your investment choices, there's always a life insurance guy, since that's the only type of investment he can sell, that they're really pushing annuities. And the commissions on annuity sales are insane. Yeah. Really high to the salesperson. So
huge
incentive to lie. When that's baked into it, like a financial planner may not st ever steer you toward an annuity, but a life your life insurance guy who you know and trust is always gonna try to put you in an annuity. Kevin was an annuity salesman.
Okay.
Right. The life insurance guy. Most of his clients were senior citizens and they loved Kevin. He was their guy.
What was Kevin’s annuity scheme and how did he steal $400,000 from his clients?
One day Kevin, and many of whom were in Hawaii. Um, his he lived in Hawaii at some point, had a lot of uh clients in Hawaii, senior citizens. He begins contacting his clients one week and saying, Hey, listen, I think I can get you a better rate on your annuity. Can I have your permission to pull it from the current annuity? We'll cash it out and we'll put it into my personal program that I'm running.
That's not the problem because annuities, if you pull money out of annuities, you typically have like a a a
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Chapters
8 chapters
1
Why do fraudsters target mega churches and their congregations?
0:00–0:56
2
How do the hosts set up the scoring rules for guessing prison sentences?
0:56–3:14
3
What was Kevin’s annuity scheme and how did he steal $400,000 from his clients?
3:14–9:08
4
How did the FBI trace Kevin’s money through casino records and build the case?
9:08–1:04:19
5
How did Durell acquire and price stolen merchandise for resale?
1:04:19–1:15:58
6
What sentence did the FBI and IRS secure for Darrell Waters after his trial?
1:15:58–1:26:59
7
How did the kidnapping of Chad in the Dominican Republic lead to an international FBI investigation?
1:26:59–1:48:56
8
What are the hosts’ plans for a live‑show tour and how are they figuring out the logistics?
1:48:56–2:05:28
Speakers
3 identifiedMore from Matthew Cox | Inside True Crime Podcast
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