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INDIANAPOLIS (AP) Thousands of devout investors who lost savings after a southern Indiana brokerage persuaded them they were helping to build churches will get the last of their share of the money that's being repaid by the end of the year, the official overseeing the payback said Monday.

Receiver Michael Rusnak said he hopes to finish distributing funds to investors who lost money in the Alanar scam by the end of the year. But most may get back as little as 50 percent.

About $60 million had been repaid to investors through the end of January, and a few more million dollars may be distributed. But Rusnik said the exact amount is up to the federal court in Indianapolis that appointed him.

"We're hoping to make a final distribution this year," Rusnik said. "Ultimately, what they get is what we collect."

The complex case has dragged on since 2005, when the government froze the assets of the brokerage based in Sullivan, a city of around 4,000 people about 80 miles southwest of Indianapolis, and began the lengthy process of finding investors and paying them back.

Seventy-year-old former pastor and Alanar founder Vaughn Reeves Sr. was eventually convicted of securities fraud and sentenced to 54 years in prison. Authorities said Reeves and his three sons duped investors into sinking money into bonds secured by church construction projects, then spent millions of dollars on themselves. Two of the sons have completed their time in prison; the third drew no prison sentence but was ordered to pay back nearly $500,000.

The group used prayers and Bible passages to convince about 11,000 investors to buy bonds worth $120 million secured by mortgages on construction projects at about 150 churches in 35 states, according to court documents. Instead, Reeves and his sons diverted money from new investments to pay off previous investors, pocketing $6 million and buying two airplanes, sports cars and vacations, investigators said.

The financial fallout left churches and nonprofits that had sold the Alanar bonds holding the bag from which the investors were repaid. Some of the more well-off churches were able to pay back all the money they owed, Rusnik said. The government worked out financial arrangements with others. A few churches were foreclosed on, though Rusnik said that was a last resort.

About $19 million has been distributed to investors in the larger projects, and about $42 million to people who sank their money into projects at what tended to be smaller churches. There were far many more small investors than big ones.

"They just didn't have the financial sophistication, they just didn't have the resources, they just didn't have the finances to pay their shareholders back," Rusnik said of the smaller churches.

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Church scam investors may be repaid by end of 2014

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Print Create a hardcopy of this page Font Size: Default font size Larger font size Salt Lake City blaze caused $1.5 million in damage

Firefighters battle a four-alarm fire in Salt Lake City, Sunday, Feb. 9, 2014. Lennie Mahler/The Salt Lake Tribune

Firefighters battle an apartment fire in Salt Lake City, Sunday, Feb. 9, 2014. The apartment building that was under construction. Agency spokesman Jasen Asay told The Associated Press that the Fire Department did a walkthrough of the building on Saturday. Lennie Mahler/The Salt Lake Tribune

Posted: Monday, February 10, 2014 2:34 pm | Updated: 2:45 pm, Mon Feb 10, 2014.

Salt Lake City blaze caused $1.5 million in damage By Brady McCombs AP Writer SantaFeNewMexican.com |

SALT LAKE CITY A major blaze at a vacant downtown Salt Lake City apartment complex that could be seen for miles and brought onlookers from around the metro area caused at least $1.5 million in damage, fire investigators said Monday.

The cause of the four-alarm Sunday night blaze remained unknown, Salt Lake City Fire Department spokesman Jasen Asay said. Investigators cant begin digging through the ashes until inspectors determine if the remaining walls of the 40-foot-tall building are stable. They havent ruled out arson, but Asay says its too early to speculate.

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Salt Lake City blaze caused $1.5 million in damage

Flames and smoke from a fire engulfing an apartment building under construction in downtown Salt Lake City could be seen for miles, but it was almost completely extinguished Sunday night, the Fire Department said.

The blaze at 550 E. 500 South was under control but not completely out, Salt Lake City Fire Department spokesman Jasen Asay told The Associated Press. No one was inside the 40-foot-tall building, and no one was hurt.

Flames shot high in the air and winds flung embers, Asay said, prompting several 911 calls starting at 6 p.m. A Smith's grocery store and parking lot across the street and several nearby structures, including residential buildings, were evacuated as a precaution, he said. Some people have returned, and most should be able to get back in Sunday night, Asay added.

The spokesman estimated that more than 100 onlookers gathered to watch the dramatic flames, prompting the closure of areas surrounding the building for safety.

Sarah Preston was standing more than a half-block away.

"You could just feel the heat," she told The Salt Lake Tribune ( http://bit.ly/1eM0ylc).

Another onlooker, Kitti Smit, told the newspaper: "I've never seen anything like it before."

A cause of the fire was not yet known. Asay says he talked to the construction company, which he did not name, and said no work was being done Sunday, no utilities have been hooked up and there was no heating source.

The Fire Department did a walkthrough of the building on Saturday as it continued to monitor the progress of construction, Asay said, adding that it was in compliance. Investigators were interviewing witnesses and the company.

Exposed wood at the under-construction building allowed the fire to grow quickly, so crews pulled out and battled it from the outside over fears the structure would collapse, Asay said. About 60 firefighters responded. They worked to keep flames away from a large crane they feared would topple if it got too hot, Asay said.

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Salt Lake City blaze in building seen for miles

SALT LAKE CITY It was hard to miss the 4-alarm fire in downtown Salt Lake City on Sunday night, as evidenced by the crowds of people who lined the sidewalk to catch sight of a blaze that became as big a spectacle as it was an emergency.

There were so many flames coming down that we had to move, said Prescott Dunn, who filmed the fire from the Smiths parking lot across the street.

On Monday, Dunn and several others returned to the site to see construction crews begin demolishing a portion of the structure.

It puts it into perspective that something like that could happen, Dunn said.

The 64,000-square-foot building was supposed to house 61 new apartments upon completion, but after burning for hours, only its skeletal remains were left standing.

The fire last night was just giant, a lot of flames, a lot of damage done, said Jasen Asay, spokesman for the Salt Lake City Fire Department.

Because of the extensive damage, fire investigators were not able to go inside the property on Monday due to safety concerns. Construction crews knocked out the top floors of the structure to remove any obvious dangers, though, and Asay expected fire officials to enter the property by Tuesday.

Per protocol, the building had just been inspected by the city fire marshal on Saturday, leaving much room for speculation as to what happened between then and when the fire started.

The cause for this fire is still open and it could be a lot of different things, Asay said. And were not ready to get worried, or to be concerned about something when we dont have any reason to be concerned about that yet.

Investigators were expected to enter the property on Wednesday.

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Crowds return to site of apartment building consumed by flames

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