Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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1999
Affinity-fraud collapse
BFA used its religious identity and Southern Baptist relationships to attract investors, while allegedly concealing major losses and relying on later funds to meet earlier obligations. The resulting bankruptcy was one of the largest affinity-fraud failures in the United States.
1999
Related-party transactions and asset concealment
Investigative accounts described a network of more than 63 affiliated entities used to move loans, property, and liabilities. Common directors and advisers created conflicts of interest and facilitated transactions that allegedly overstated asset values or benefited insiders.
1999
Questionable investment and property schemes
Allegations included Ponzi-like funding, a good-bank/bad-bank loan transfer structure, land flipping, inflated collateral, and retirement-property products that did not provide purchasers with ordinary ownership rights.