Alan Davenport, a former pastor with the Reach Out for Christ
Pentecostal church and an ex-bankrupt, was arrested at his luxury
waterfront home yesterday after a lengthy police investigation.
The arrests came 11 months after detectives raided the Gold Coast offices of Mr Davenport's WTS (World Trade Systems), and the homes of several employees. Police said the investigation followed complaints that "large numbers" of WTS investors from around Australia had lost more than $10 million in the sports arbitrage scheme -- in which customers were offered "guaranteed" wins by spreading their bets on all possible outcomes with different bookmakers.
WTS investors allegedly were offered a low-risk and tax-free income and invested an average of $20,000 to $80,000 in the scheme.
WTS offered investors a "100 per cent money-back guarantee" and its website proclaimed it was "impossible to lose your money with WTS".
Alleged victims included a Gold Coast pensioner who said he had invested almost $50,000 in the scheme.
Source: Greg Stolz, Courier Mail
Comments |  RSS |
|
I feel soo sory for the poor bustard as I know he did follow Christ and jet by looking to the left and looking to the right he lost Him somewhere. It is a real tragedy for those who feel victims to his dishonesty but it is even bigger tragedy to Alan who chosen this world and it's crooked ways rather than Christ.I pray that God will help those people who lost money but also i pray that God will awake Alan from all of this and help him to put his trust again in Jesus as while he is still alive there is hope for him. Alan !!!! Jesus loves you,wake up and repent!!!