A Pennsylvania man pleaded guilty Thursday in federal court for his key role in operating two "Ponzi" schemes that bilked members of the Church of Grace and Peace of more than $1 million, officials said.
Terence Mayfield, 47, of Phoenixville, Pa., pleaded guilty before U.S. District Judge Joseph H. Rodriguez to one count each of mail and wire fraud. Mayfield is free in $100,000 bond until his sentencing, scheduled for July 14.
The frauds occurred between November 2006 and July 2008, according to authorities. Mayfield pleaded guilty to operating two phony real estate schemes during that time. The U.S. Attorney's Office would not say how many victims were duped by Mayfield.
However, authorities said in a prepared statement that numerous members of the church were defrauded of more than $1 million through a phony real estate investment scheme. It also said the wire fraud count is related to Mayfield's scheme to defraud three sets of homeowners, who participated in three "foreclosure bailouts," purportedly involving two properties in Georgia and one in Pennsylvania, of more than $75,000.
Mayfield and his wife were guest ministers at the church and had spoken at a service, said Jennifer L. Jack, a Toms River lawyer and congregant of the church. Jack said that the Mayfields had come to the church and Terence Mayfield had been welcomed by the church leaders as a minister. Afterward, he offered to present a seminar on debt reduction, she said.
Jack said that many of the congregants who are victims of the scheme feel sad for Mayfield and his family.
"Everyone I have spoken to said they truly believe he wanted to help them," Jack said.
Some victims may want to have a say at his sentencing regarding the scheme that he had used to prey on them.
"They don't want to bring more condemnation," Jack said. "They are not that type of people."
Mayfield offered a seminar based on his company he called My Home Banc, a program that would help investors eliminate debt and build wealth, authorities said.
A file photo shows the attendees at the Church of Grace and Peace watching a reenactment of the Last Supper. (APP FILE PHOTO)
Source: Asbury Park Press
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This is not the only church, I tried to contact this church when Terry was found out here. He has a widespread of theift across the country. This is just the only church that stood and caught him. Many people here in Atlanta has lost homes and money. One person lost over 300,000.00.
I'm a victim of his scheme and need to know how to go about recovering my funds. Can someone lead me in the right direction?
Terry was sentenced to 8 years in prison. he owns no property or anything. Contact the U.S. Attorney Matthew Smith Camden N.J.
Yesterday, U.S. District Judge Joseph H. Rodriguez sentenced Mayfield to eight years in federal prison - the maximum allowed under federal guidelines - followed by three years' probation. Mayfield pleaded guilty in April to fraud charges in connection with two phony real estate investment schemes.
You are in my thought and prayers, I am friends with many people who lost money homes, futures.
Does anyone know about his wife? Was she implicated in any way?
I am wondering why they are calling this false prophet a minister. I know this man personally and he is certainly the devil transformed to an angel of light.
WHAT?????