Baptist Bankruptcy Case: The Story Unfolds
Lawrence Dwain Hoover, the final defendant in the Baptist Foundation of Arizona case, pleaded guilty Tuesday to one count of fraud. The foundation, a nonprofit religious entity, collapsed in 1999 in what was then the largest nonprofit bankruptcy filing in U.S. history and about 11,000 mostly elderly investors lost almost $600 million as a result. Tucsoncitizen.com reports:
In a plea agreement, Hoover admitted to knowingly participating in a series of year-end transactions for the purpose of inflating BFA’s financial statements.
Read more: Hoover enters plea for role in Baptist bankruptcy case
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