The Money Changers Are In The Temple part 8

This is a follow up


Cleric admits scam of his parishioners
Craig HarrisThe Arizona RepublicMar. 22, 2005 12:00 AM As a pastor, Douglas Sanchez was supposed to care for the elderly and disabled.Instead, the minister duped them and others into a $1 million financial scheme that could land him in prison for a dozen years. The Mesa man last week admitted that he was guilty of nine felony charges, including theft and fraudulent schemes, as part of a plea bargain. Sentencing is set for April 8, in Maricopa County Superior Court before Judge Michael Wilkinson. “At least he acknowledged he did it. Up until now, he said he was innocent,” said Carol Butler, who invested more than $220,000 in Sanchez’s decade-long scam, which included promissory notes and investment contracts. Investigators said Sanchez preyed upon members of his congregations, including those who were older and handicapped.He promised members much higher returns than they could get anywhere else. He also used his company, DMS Power Cash Flow, as a conduit for the notes and contracts, according to investigators.Arizona’s assistant attorney general, Theodore Campagnolo, said the plea agreement calls for Sanchez to serve three to 12.5 years in prison and up to seven years of probation. The typical sentence is five years. The settlement allowed 15 other charges to be dropped. Sanchez, 57, pleaded guilty to one count of fraudulent schemes, four counts of theft, two counts of taking the identity of another and two counts of illegal control of an enterprise. His attorney could not be reached.The plea agreement said the crimes occurred between Jan. 1, 1994, and Dec. 31, 2003, and it calls for Sanchez to pay $1.1 million in restitution. The Arizona Corporation Commission first investigated Sanchez and ordered him in 2003 to repay nearly $900,000 to 14 investors.

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