A DeKalb County grand jury indicted a prominent minister and his brother Thursday, accusing them of selling investments without a license.
The Rev. Wiley Jackson, pastor of Gospel Tabernacle Church, and his brother Rodney Jackson were named in an eight-count indictment, according to District Attorney Robert James. The indictment says the brothers’ company, Genesis LLC, received at least $12,000 from individuals as far back as 2002 through investment contracts the company allegedly was not licenced to issue.
Efforts were made to reach the Jacksons for comment Thursday.
James said the Jacksons are not accused of misusing money from investors.
“These charges don’t allege that either Mr. Jackson stole money,” the DA told The Atlanta Journal-Constitution. “I can’t tell you nor would I tell you they actually took money and misappropriated it for some sort of unlawful purpose for their personal use. I can tell you that they were not licensed to do what they did, and because they did it outside of state regulations, there was no oversight, and these people lost money.”
An online search of the Secretary of State’s incorporation records did not immediately yield information on the formation of Genesis LLC or the kind of investments the company may have sold.
“Genesis was the name they were using to collect money from these individuals,” James said. “At this point, it’s unclear that there ever was a Genesis LLC registered with the Secretary of State.”
The DA said at least two investors were members of Gospel Tabernacle Church, which has locations in Atlanta and Stone Mountain. One member gave Genesis $10,000 in 2002 and another investor gave the company $2,000 the same year. Both lost their money, James said.
The indictment says the brothers “failed to inform potential investors that there was a risk that they could lose their principle investment,” a necessary warning to ensure investors would not be misled, the indictment said.
“If you’re going to sell investment instruments in Georgia, you have to be licensed,” the DA said. Investment companies also are required to provide information on their financial health and on the performance of investments. The DA did not say whether Genesis provided balance sheets and other documents to investors.
“When people act outside of the law or act outside of regulations, these are the types of things that happen,” James said. “Folks lose money.”
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