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.
Misdirected Over $30 Million to Various Shell Corporations
The donations were intended for a Christian ministry in China, but Shenk allegedly misdirected over $30 million to various shell corporations, including Shenkland LLC, a North Carolina-registered entity.
Fugitive on the Run
The IRS has labeled Shenk a fugitive in connection with these charges.
Stealing From Christian Charities
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.
Imposter Missionary
Shenk posed as a Christian missionary, promising to produce and distribute Christian literature and Bibles in different areas of China.
Used the Money for Personal Gain
Instead of using the funds for the intended mission, Shenk allegedly diverted the donation money for his personal financial gain.
Spent Millions on Gambling Site
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.
Purchased Many Life Insurance Policies
He made purchases of about 16 life insurance policies worth approximately $4 million, all under various names.
Spent More on Diamonds and Gold
In addition to these transactions, Shenk allegedly spent around $1 million on diamonds, gold, and precious metals.
Sent Money to the Family Farm
He acquired foreign and domestic stock totaling over $188,000 and directed $7 million toward his family farm’s operating company.
His Surplus Personal Credit Cards
The accused also amassed more than $820,000 through the acquisition of at least ten personal credit cards and invested $320,000 in real estate development in Santiago, Chile.
Bank Accounts All Over the World
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.
Shell Companies All Over
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.
The Charges He Could Face
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.
Decades Behind Bars
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.
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The post Millions Misdirected – IRS Hunts Fugitive Accused of Swindling Christian Charities, Spending on Gambling, Diamonds, and More… first appeared on Wealthy Living.
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Source: WND