Church sets up $2.3 million fund for alleged scam victims
The First Church of Christ, Scientist is donating $2.3 million to a fund to repay victims of a church member convicted of defrauding other church members of more than $20 million.
Eric Resteiner recently pled guilty to fraud charges in US District Court in Boston and is awaiting sentencing. According to the indictment, Resteiner claimed to be a licensed financial trader and defrauded 50 victims between 1997 and 2000.
Resteiner made a donation of $2.3 million to the church in Boston for a building fund, but the church has already spent the money, which was donated before Resteiner was indicted.
The church has now decided to donate $2.3 million to a disgorgement fund that will be used to partially repay investors defrauded by Resteiner. An additional $700,000 to repay investors was collected from one of Resteiner's codefendants.
(Jeffrey Krasner, Globe staff)
