Texas Man Sentenced to 40 Years for Defrauding Churchgoers
By Katie Hauser
Published on February 05, 2007
In June 2006 Gregory Earl Setser, 50, of Canton, Texas, was convicted of 22 counts of conspiracy, securities fraud, and money laundering. Prosecutors alleged that Setser, his wife, his sister, and his son used two non-existent companies, International Product Investment Corporation (IPIC) and Home Recovery Network (HRN), as fronts while they defrauded investors of millions of dollars.
The Setser family claimed that IPIC was an import/export business, and solicited investments to assist with the importation of merchandise. According to the prosecution, investors were promised profits of up to 50 percent in a three- to six-month period.
Setser reportedly used his connections to well-known evangelical Christian leaders to lure investors, who included clergy as well as churchgoers.
Prosecutors argued that the two companies never existed, and Setser's son, Joshua, testified that his father admitted to him that the companies and the promises made to investors were frauds. Joshua Setser was sentenced to two years in prison and six months of home confinement earlier this month for his role in the scams.
Setser's wife, Cynthia Faye Setser, did not appear for her original sentencing. She is currently a fugitive sought by the FBI.
Setser's sister, Deborah Setser, posed as an officer of both IPIC and HRN. She was sentenced to 15 years in prison.
The Setsers were also ordered to pay $62 million in restitution.
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