St. Charles pastor gets seven years in prison for $3.3 million fraud : News

A controversial St. Charles pastor was sentenced Wednesday to seven years in federal prison and ordered to repay $3.3 million to elderly investors he defrauded in an investment scam.

Jim Staley, 40, pleaded guilty in April to four counts of wire fraud, admitting that he cheated others while making $570,000 for himself.

In court Wednesday, some victims and their relatives called him “sick, manipulative and deceitful” and a “disgusting and sickening criminal.” They said some elderly investors trusted him because of his professed Christian faith and family values, and some because they were slipping into dementia. Officials said none of them was a member of his church.

Staley began with basement Bible study, incorporated the Passion For Truth Ministries in 2008 and began live-streaming messages in 2009. He has since appeared on multiple Christian TV networks and radio stations nationwide. His church has about 200 local members, and an international following of believers in the “Christian Roots Movement,” who advocate adherence to the Bible’s core teachings.
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He has repaid just $1,950 — a tiny fraction of the restitution owed to victims — despite an annual church compensation of $127,000, including rent in a $1 million house, according to court testimony.

St. Charles pastor gets seven years in prison for $3.3 million fraud : News

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As a sales agent for B&B Equity Group, a California company, Staley misled victims into believing that billionaire Warren Buffett was an investor and convinced people to cash out on annuities knowing they would lose money. He continued to sell investments even after the state issued a cease and desist order. Staley did not mention the order to clients.

Staley ran a controversial church ministry called the “Christian Roots Movement” which advocates following the Bible in the manner of early Christians, before churches “started adding and subtracting from the word of God.”
He said that supporters had visions of “high-ranking demonic generals,” which Staley interpreted to be the FBI agents investigating him.