PTL (Praise the Lord, or People That Love) was a nonprofit ministry run by James Bakker. Bakker
Question:
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)]
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The Legal Environment of Business
ISBN: 978-0538473996
11th Edition
Authors: Roger E Meiners, Al H. Ringleb, Frances L. Edwards
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