Mass. Man Charged with Running “Divinely-Inspired” Ponzi Scheme

An Uxbridge man who told investors he ran a divinely-inspired investment program has been charged by the Massachusetts secretary of state's office with running a Ponzi scheme.

Secretary of State William Galvin said in a complaint filed Tuesday that Charles Erickson defrauded at least 25 investors out of about $3.5 million.

Authorities say about a third of those recruited for the program attended the same church as Erickson, who said the Holy Spirit had given him a proprietary day-trading system for a volatile type of futures contract. He allegedly guaranteed returns of 96 percent over two years.

Galvin said Erickson's system didn't work and he was paying monthly returns using capital reserves deposited by later investors.

A woman who answered the phone at Erickson's home said they had no comment. 

Copyright AP - Associated Press
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