Call Now For a Free Consultation:
(614) 502-6165

South Carolina Pastor Accused of Multimillion-dollar Ponzi Scheme

A South Carolina pastor has been accused of running a $3.3 million Ponzi scheme from his historic church in downtown Charleston. Reverend Ronald Satterfield allegedly scammed nearly 70 investors in a foreign currency Ponzi scheme.

According to documents filed in U.S. District Court in Charleston, South Carolina, Rev. Satterfield has been accused of running a multimillion-dollar Ponzi scheme. The scam involved approximately 70 investors, many belonging to St. John’s Reformed Episcopal Church on Anson Street where he serves as a pastor.

Prosecutors allege that Rev. Satterfield told investors that he could grow a pool of money totaling nearly $1.9 million by up to 48 percent in one year. However, it appears that he actually lost most of it. In addition, Rev. Satterfield has been accused of using the remainder of the money he collected to pay returns to previous investors.

Rev. Satterfield, who did not have a broker’s license and was not affiliated with any financial institution, traded money through two entities that are registered to him, Street Forex Group LLC and Shore-2 Summit Financial LLC.

The complaints have been brought against Rev. Satterfield by the Commodities Futures Trading Commission, which only has the authority to file civil complaints. However, the FBI is currently reviewing the case and determining if they will file charges as well.

Meyer WilsonIf you have lost money in a Ponzi scheme, you should contact an experienced investment fraud attorney for a free case evaluation by calling toll-free (800) 738-1960 or filling out our online form. Our lawyers are licensed in Ohio and California and we represent investors nationwide in securities arbitration and litigation claims.

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

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
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
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