CHARLESTON, S.C. (AP) - A former Charleston pastor accused of running a Ponzi scheme has agreed to pay nearly $3.5 million to end the litigation, but it's not clear he has the money for the payment.
The Post and Courier of Charleston reported Ronald Satterfield agreed to pay the penalty of more than $2.5 million and the restitution to victims of almost $960,000. He has said in the past that he used all his savings and doesn't have money for an attorney.
In the consent order filed in U.S. District Court, Satterfield is barred from the commodities industry. He neither admitted nor denied the allegations made by the Commodities Futures Trading Commission.
He's the former pastor at St. John's Reformed Episcopal Church.
(Copyright 2012 by The Associated Press. All Rights Reserved.)