Posted on Sat, Jun. 21, 2008
3 Hebrew Boys trio indicted
Men accused of cheating investors out of $82 million
By ANDREW SHAIN
ashain@thestate.com
Leaders of Columbia’s 3 Hebrew Boys were indicted Friday on 36 counts of mail fraud on accusations they bilked an estimated $82 million from investors.

The federal indictments came after an investigation of debt-elimination plans pitched by the Capital Consortium Group, which the 3 Hebrew Boys ran.

Little of the money collected over three years from 7,000 people in more than 20 states was invested in foreign currency markets as promised, federal authorities said.

Company leaders took nearly half of the money and used some of it to buy condos, a jet and suites at football stadiums, authorities said. They owed investors nearly $1 billion in promised returns when the 3 Hebrew Boys’ assets were frozen a year ago.

Indicted were: Joseph Brunson, 46, of Hopkins; Timothy McQueen, 50, of Blythewood; and Tony Pough, 46, of Columbia. They face up to 20 years in jail and a fine of $250,000 for each count if convicted.

Two weeks ago, the trio were placed under house arrest until their trial after posting $100,000 bond. No trial date was set.

The men have pleaded not guilty to state charges of selling securities without a license.

They have said at rallies that their financial work is church related and therefore exempt from securities laws. They have not entered pleas to the federal charges