Leaders of Queens church guilty of investment fraud

The News Leader

February 14, 2010 5:37:52 AM PST
Two leaders of a Queens church have pleaded guilty to swindling members of the congregation out of $9.3 million. Robert Riddle and Timothy Smith of the Local Christian Assembly Church face up to five years in federal prison for their roles in an investment scam.

Prosecutors in Brooklyn say Riddle urged elderly parishioners to mortgage their homes and put the money from the loans into an investment fund that Smith helped run.

Authorities say that the money was being used to buy clothing, vacations and cars including a $200,000 Bentley.