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posted: 11/8/2012 10:27 AM

Charges: Investor defrauded burned-down Indiana church

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Associated Press

INDIANAPOLIS -- Federal prosecutors have filed fraud charges against an investor who they say misspent nearly $400,000 that leaders of an Indianapolis church gave him as it tried to raise more money to rebuild from a fire.

Authorities say GMA Capital of Indianapolis owner Arman Gasparian told leaders of Bells Chapel Church he would use $365,000 as earnest money to obtain a $3 million private grant toward replacing the church building destroyed in a 2008 fire. Gasparian is charged with putting the money into his own accounts and paying much of it to associates.

Rev. Adrienne Holmes tells WRTV that the church needs the money from its insurance settlement to finish rebuilding and that God is getting his vengeance against Gasparian.

Defense attorney Mike Donahoe declined to comment.

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