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Officials Still Try To Recover Money From Sullivan County Ponzi Scheme

Vaughn Reeves
Vaughn Reeves

It’s been nearly 10 years since a federal judge froze Alanars assets in SullivanCounty. 

Vaughn Reeves and his sons were convicted of stealing over $120 million dollars from 11,000 investors buy running a Ponzi scheme. 

Reeves convinced investors to buy “church” bonds that were supposedly secured by mortgages on 150 churches in 35 states. 

A court-appointed receiver has been trying to get the investors' money back. 

The problem is that what money there is is wrapped up in small churches and getting the money back could bankrupt those houses of worship. 

About 40 of the churches have managed to pay off the entire amount of their bond, while the rest have not. 

It is reported that some congregations that couldn't pay off the bond have quietly abandoned their churches and walked away.

 So far about 44 percent of investors' money has been recovered.

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