PTL (Praise the Lord, or People That Love) was a nonprofit ministry run by James Bakker. Bakker and his wife Tammy had a TV show on which they discussed, among other things, the availability of "Lifetime Partnerships" in PTL that cost from $500 to $10,000. About 153,000 people bought the partnerships, contributing $158 million to the construction of Heritage USA, a Christian retreat center for families.
According to the level contributed, purchasers were promised a short annual stay at a hotel at Heritage USA. Contributors were told that the number of partnerships sold was limited. However, the partnerships were oversold, and much of the money was spent on other facilities and lavish living. Was the sale of the partnerships securities fraud? [Teague v. Bakker, 35 F.3d 978, 4th Cir. (1994)]