Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Religious Broadcaster Charged in Investment Scam

A Peninsula religious broadcaster has been charged for his alleged participation in an investment scam involving more than $750,000. Samuel B. Jacobs, 57, has been accused of using the money to benefit himself.Mr. Jacobs, owner of the religious broadcasting company, JBS Inc., has been arrested on federal charges for allegedly bilking more than $750,000 from unsuspecting investors. He has been accused of using the majority of the money on personal and business expenses, including a 36-foot boat.A 20-count indictment has been handed down in Norfolk U.S. District Court that included mail fraud and money laundering charges.According to the indictment, Mr. Jacobs, owner of WJHJ, formed an investment company with a group of pastors. He used the company, Allied Financial Services, to lure 80 to 100 investors to his investment scam. Approximately $500,000 is believed to be from four investors.Some of the investors included pastors who used their churches’ money to invest with Mr. Jacobs.Christopher C. Rice, 28, of Suffolk, has also been arrested in connection with the alleged investment scam. Mr. Rice has been charged with 14 counts under the same indictment.The two men have been accused of using the money for personal and business expenses that included mortgage payments on a Hampton house owned by Mr. Jacobs.Both men are expected back in court in January 5, 2011. A trial date is expected to be set then.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram