Faith Betrayed – Fugitive Shenk Swindles $30 Million From Chinese Christian Charities in a Shocking Spending Spree!

The Internal Revenue Service (IRS) is hunting for Jason Gerald Shenk, a 45-year-old man from Georgia accused of wire fraud and money laundering involving millions of dollars in donations. 

Donations… Intended for a Chinese Christian Ministry

The donations were intended for a Christian ministry in China. However, Shenk allegedly misdirected over $30 million to shell corporations, including Shenkland LLC, a North Carolina-registered entity.

The IRS has labeled Shenk a fugitive in connection with these charges.

Reportedly, between April 2010 and July 2019, Shenk purportedly solicited donations from faith-based charities and donors, primarily from Amish and Mennonite communities in North Carolina and Ohio.

Shenk posed as a Christian missionary, promising to produce and distribute Christian literature and Bibles in different areas of China.

Instead… Shenk Diverted the Money for His Financial Gain

Instead of using the funds for the intended mission, Shenk allegedly diverted the donation money for his financial gain.

Among the alternate uses of the funds, Shenk reportedly spent about $1 million on a sports gambling site and invested roughly $850,000 in equity shares of a privately held nuclear energy company.

He made purchases of about 16 life insurance policies worth approximately $4 million, all under various names.

In addition to these transactions, Shenk allegedly spent around $1 million on diamonds, gold, and precious metals.

Using It To Invest in Stocks and Operations

He acquired foreign and domestic stock totaling over $188,000 and directed $7 million toward his family farm’s operating company.

The accused also amassed more than $820,000 through acquiring at least 10 personal credit cards. They invested $320,000 in real estate development in Santiago, Chile.

Shenk is said to have used seven other shell companies with bank accounts in the United States, Singapore, and China to execute his financial scheme.

The entities implicated in his alleged activities, along with Shenkland LLC, include Morning Star Ministries, Connect Connect Asia BV, CLF Asia Limited, Autumnvale Group Limited, BCB International LLC, Heartland Plantations LLC, and Global Paradigm LTD.

He’s Facing No End of Charges

The federal indictment, now unsealed, could potentially result in Shenk facing charges of wire fraud, international concealment money laundering, concealment money laundering, money laundering involving transactions exceeding $10,000, and failure to file a report of a foreign bank account.

If found guilty, Shenk could be sentenced to up to 20 years in prison, forced to forfeit property linked to the alleged scheme, and subject to financial penalties.

What do you think? Let us know in the comments!

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The post Faith Betrayed – Fugitive Shenk Swindles $30 Million From Chinese Christian Charities in a Shocking Spending Spree! first appeared on The Net Worth Of.

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Source: WND