A new Bernie Madoff in the Lakes Region?
 

The Federal Bureau of Investigation is now reviewing the alleged financial wrongdoings of Meredith resident Scott David Farah and his business partner, Donald E. Dodge of Belmont. Farah and Dodge, the principals of Financial Resources Mortgage, Inc., and CL&M, Inc., respectively, both of 15 Northview Drive in Meredith, abruptly closed their doors last week, leaving investors, contractors and mortgagees in the dark as to their whereabouts and, more importantly, the whereabouts of millions of investment dollars. Scott Farah is rumored to be in Africa where he apparently has a "religious retreat camp." His dad, Robert Farah, a priest was interviewed by News 9 yesterday and I have to say I have never been more outraged in my life. The father knows where his son is but won't tell anyone where. Give me a break. What happened to the good Christian that you are preaching to be? The guy thinks it is funny, as he smirks during the interview making comments about "his son needs to get his mental health fixed first." Your church members should shut you down immediately Mr. Farah. Don't BS people with your "god will take care of everything" talk. We don't care about your son’s mental health; we care about the people that want their money back. Here is the interview on WMUR.

http://www.wmur.com/news/21632470/detail.html

More on the story from other news reports.

http://www.citizen.com/apps/pbcs.dll...894/-1/CITIZEN

http://www.unionleader.com/article.a...5-f6eefde89cfd

I am outraged…..:fire:

I saw where the one guy just built his house through them. then when the Mortgage place closed one of the investors wrote to the guy that just built, and told him to give his money back. "Immediately". He has no legal right to the guys house. I would have called the cops and had him arrested for harassment. I understand his frustration, but to take it out on the guy that just built his house....Seriously. I would also get a Court ordered injunction against the investors to stay away and make no contact. Sorry to say this, but those investors would not be the first, and certainly won't be the last, to get the shaft on a company that went belly up. Investors knowingly hand over their money. It's not like someone held a gun to their heads. It's called gambling. Just like the stock market. But, yeah I feel bad for them, and hopefully the State will find something.

It sounds like a classic Ponzi scheme.

Guaranteed thirteen percent return on investment?

In THIS economy?

C'mon, people, what were you thinking?

Does anyone know...

There was/is a company named DAK Financial Group that was at the same address as this company - 15 Northview Drive. Is there any connection between the two.

Good question. I haven't heard anything about DAK, but I know that DAK is big into the annuity's that "guarantee" high returns without any risk. A lot of people invested in them.

High returns without risk? Shouldn't that raise red flags to any common Joe? Some people it's just too hard to feel sorry for.

Aren't annuities a low risk, low return venture, mostly used to protect your retirement as it gets closer to being needed?

Crooks
 

From what I've heard about Rev. Farah, who has quite a sketchy background evidently- and the ability to separate rich, old folks from their money, even the Dane family, these people are crooks. Why does Rev Farah live in waterfront house on Winni? I didn't realize that being a man of the cloth paid so well. He drives a new Prius. Half of his membership walked out over the snafu with the Dane family property in Center Harbor. And the "food pantry" that is in the basement of the church on Bean Road ... well, that's a little questtionable as well from what I hear. Look at the WMUR site, and read the posts from local folks. Good grief.

scumbags
 

They've been swindling people for years. I'd much rather see the father in prison. The son is a scumbag. The father is a scumbag hiding behind God.

Article from Concord Monitor-Farah
 

From 2006:
http://www.concordmonitor.com/apps/p...50315/0/NEWS03

Greed will always be with us
 

I just finished "Too Good to Be True" by Erin Arvedlund. It is the story of Bernie Madoff and is a good read. It is hard to believe that we have scam artists in the lakes region but as the book title implies if it seems too good to be true, then hang on to your checkbook.

Two things: everyone should learn to invest their own money. It's not that difficult. When someone offers you 14% in this economy run away. I've heard a lot of things about this crowd over the years, and I feel sorry for anyone who fell in with these guys.

Maybe but my mutual funds went up 25% in the 2nd quarter and nearly the same dollar value in the 3rd quarter. I'm almost back to where I was when the slide started in August '08. Much faster than when the "Asian Tiger" stumbled in the late 90's.

I hope they catch up with these two people quickly. Some of those investors may be greedy opportunists but there's always are a few who stand to lose their life's savings trying to play catch-up.

Rev Farah and the Dane Family
 

Please tell me the story of the Rev. and the Dane Family. Thank you

What I was talking about was when someone offers you a deal, not stock market mutual funds from companies like Vanguard or good bond funds which you can buy yourself. These folks were put into private investments that were questionable.

donnamatrix
 

I second that request. Please tell us of about the "snafu with the Dane family property".

I can't find any follow up to your 2006 Concord Monitor link posting of an article about the father being investigated. I know he hasn't been in jail, because I see him every summer. What happened witht he investigation?

I thought the issue is with his son? Is the father being accused of something? If the FBI asks him where his son is and he refuses to tell them, he's is aiding and abetting, provided the son is charged.

Although I have been in his church for a funeral for a friend and neighbor, I am not a member of his church.

No relation
 

There is no relation between the defunct (if that's even a good word to use) company and DAK. It was just office space and they have moved according to their website. www.dakfinancialgroup.com but I'm not 100% sure.

DAK is..
 

David A Kutcher, owner of DAK financial. He has not been mentioned in anything I have read on this mortgage company...at least not yet.

Rev Farah
 

My understanding is the Rev Farah has (more than once) persuaded an elderly member of his church to either make donation of cash/money to him, or he has persuaded elderly person to make him executor of their estate, very close to their time of death. One of these cases was settled out of court-so sealed documents. The son was/is an "elder" of the church, before becoming a financial "adviser" ... keep in mind that anybody can form their own church in this country - and it's a tax exempt entity. As long as certain guidelines are met regarding regular meetings, etc., as defined by the IRS. It can be a perfect environment for an unscrupulous character. Who out there has been around Lakes Region since about 1988 that can speak more knowledgeably than I can about Farah??

We donated cash to the Center Harbor Food Bank on Bean Road...did this not get to the hungry of our community?

Farah & Dane connection
 

One of the Dane family members was an early member of the church in its founding days and as a result allowed the church to initially move into a building on the old Red Hill Inn property. Eventually the church signed a long term (99 years I believe) lease on a building closer to town owned at least in part by the Dane family. Gradually, "Pastor Bob" provided more and more 'neighborly' support to this Dane family member in particular. She could be a bit manipulative herself, but was no match for the pastor. Over the years he gained more and more control of at least portions of her vast wealth. A few of the elders learned that some of the money had been misused and that, in addition to issues related to a growing chasm in spiritual beliefs/teachings, caused them to resign and leave the church along with half the church members on a single day. The Dane family was incredibly generous to the church, but when the extended family members learned of the pastor's increasing control over their local relative and her funds they began to make a stink. I'm not sure what the outcome was, but my understanding is that it never made it to the courts so I'm guessing there may have been some type of out of court settlement.

Pastor Bob was notorious for 'counseling' people--couples, families, etc...--and telling each party what they wanted to hear. In doing so, each side fully expected the pastor to tell the other that they were in the wrong and needed to apologize and make amends. However, when that didn't happen it only caused more friction and further problems. Communication problems between individuals counseled by him only became worse and in my case it took years to find out the truth. Why he has ANY congregation left is beyond my comprehension.

Confusion?
 

I am just a tad confused here. You write about "Pastor Bob" in your post, and your forum user name is also "Pastor Bob"? Please clarify this mysterious connection. Welcome to the forum!

Pastor Bob
 

To clear things up re: my user name...it's called sarcasm....

Thank you for the clarification, but it confused me as well. You might want to think of coming up with a new name. I would hate for people to think that "you" are the actual Pastor.

Welcome to the forum.

To PastorBob
 

What? I do not understand your answer.

Is he a "priest" or a pastor? :confused:

I keep reading "Pastor Bob" in other posts and newspaper articles.

Ordained, or not?
 

And is he a "real" minister, who has actually gone to Divinity School for an advanced degree in theology, and subsequently ordained, or is he a "self-proclaimed" minister?

Pastor?
 

That is a great question Redwing!

Generally I don't care whether a crook has credentials. I see what you mean though.

Ponzi scheme, plain and simple
 

This has been going on for over 100 years. Nothing new. New investors, pay old. And it can, and does in many cases go on for quite some time. All the cards come crashing down when 20-30% or more of the investors ask for ALL their money back at the same time. Google Charles Ponzi, believe me, he was not the first, and certainly won't be the last.

Ponzi Scheme
 

I forget who once said it - but if we do not learn from past mistakes we will continue to repeat them - how many times does greed have to take over common sense and people lose everything - whatever happen to strong, sound investments with solid returns - General Electric, IBM, Intel Microsoft et al - we see what they make - how can supposedly intelligent people keep getting trapped by fly by night 15% returns - I love money - but if someone said they could get me 15% - I would run - it makes no sense - but keeps happening over and over again. My heart goes out to those who lost out - but sit back and take your lumps - it was your decision.

Center Harbor Food Bank on Bean Road
 

First, Bob2-thanks for the background on Farah and the Dane family. I thought it went to court- but have been wrong in the past!! He is definitely of questionable character.

Newbie: The Center Harbor Food Bank run out of the church on Bean Road is NOT like the Meredith Food Pantry or the Center Harbor Soup Kitchen. It is not a 501C-3 or any other kind of non-profit, do good group. The Center Harbor Soup Kitchen is not a registered nonprofit either, but the 3 women who founded and run it are all salt-of-the-earth. My understanding regarding the Farah/Bean Road church group is that Farah, who also collects "unwanted" food from Hannaford in Meredith, provides for the members of his congregation - not necessarily the needy of the CH area. I would be leery of donating money to them.

Anybody can form a "religious group" ... it can be a terrific IRS scam if you are savvy enough to work it and not get caught. Look at Jim Baker, et al.

Thank you D
 

I knew it was not a 501 c 3; but I had hoped to help the community. Fortunately it was a relatively small sum

re: "Pastor" vs. "Priest", etc...
 

A pastor does not technically need any formal or official designation ...anyone can call themselves a pastor. I'm not sure how much theological education Bob Farah has under his belt, but I can assure you that most of what he teaches comes from his own interpretation of the bible. A "priest" is a catholic term I believe, while "minister" is typically used in most Protestant religions.

Center Harbor Christian Church (and Center Harbor Christian Fellowship before that) is considered a non-denominational church--meaning the church congregation and its leaders are not accountable to anyone. In my opinion, this is one of the biggest problems with this church and others like it. They set their own rules (structurally as well as morally). Anytime you see the word 'pastor' used it is often safe to assume that person has been elevated or put on a pedestal by his/her 'flock'. It's kind of ironic how non-denominational churches refer to the relationship between their leaders and the congregation as the "shepherds" and the "flock". Sheep are not leaders...they are followers. If it is too painful for you to think for yourself then by all means you should join a non-denominational church (or most other organized religious institutions for that matter). Without someone leading/directing them and telling them what to do and how to do it they would literally die. The root of the problem here lies with handing over complete control to any one individual. In this case the pastor has been "ordained by god" as they say in the church world. In reality he/she has been "ordained" by man and man alone.

Careful who you put your faith in and how much of it you give them...regardless of whether it's money or your soul you're dealing with. Not to mention, take ownership of your own life...if we are all truly "created in the image of God" as the bible proclaims then you don't give God or yourself enough credit if you think that you weren't created with enough common sense and knowledge to make daily decisions without checking with a church 'leader' first.

and to the comments related to "not getting" my answer to questions about my original user name ("PastorBob")...if you really don't understand sarcasm then I'm not sure what to tell you. In all the news reports surrounding this story and "Pastor Bob's" replies I have yet to see anyone come to his rescue or that of the Farah family--I think that speaks volumes. Maybe the Lakes Region community finally sees them for who they really are. That said, the two other Farah sons have lived outside the area for many years so I can't speak to their characters other than to say that the middle son, Paul, was seen as the black sheep for most of his life. I would venture a guess that from the little I know of him now he is probably the most upstanding member of that family and that being the 'black sheep' has worked in his favor.

Are there any folks here who were part of the earlier exodus from the church and could provide first hand accounts? I am guessing that Bob2 wasn't, as he seems to be telling the story from a third party point of view. BTW, he has some good advice regarding putting your faith in people in his last post, but I am still wondering why we are directing the attention towards the father, rather than the son. I'm guessing that some think that he is directly involved?

Pastor Bob as opposed to the former Pastor Bob aka Bob2 is a neighbor of mine and I have never had any reason to distrust him. We are not close, and we have only spoken a few times but I would have thought I would have picked up on some defect in his character. In converations with my relatives, whom may know Bob better than me, they also have not related any negatives about the man.

I'm not coming to his rescue, but I wanted to insert my 2 cents into the conversation of what I directly know.

generalizations
 

I disagree, the word 'flock' appears in the Bible (Lk 12:32, for example). Because a church is non-denominational or does NOT belong to a 'major' religion does not imply absolutely its 'wrong'. I do believe the person in question had a home study course, but please don't paint everyone with such a broad brush.


WOW!, Wonder how Hitler or Stalin, (or some such) would use this statement to their advantage?

I've hit delete a bunch creating this post, trying to skate on thin ice. Please don't make one bad apple spoil the many who are really doing good :)

Quote: "I disagree, the word 'flock' appears in the Bible (Lk 12:32, for example). Because a church is non-denominational or does NOT belong to a 'major' religion does not imply absolutely its 'wrong'. I do believe the person in question had a home study course, but please don't paint everyone with such a broad brush."

I never said it was 'wrong' I said that those churches are not accountable to any standard but their own. I've been a member of many non-denominational churches and that was the one thing that was consistent with each one. I also never said the word "flock" did not appear in the Bible. It has simply become an overused term in the lingo of "Christianese".

Quote:
Originally Posted by Bob2 View Post
.......if we are all truly "created in the image of God" as the bible proclaims then you don't give God or yourself enough credit if you think that you weren't created with enough common sense and knowledge to make daily decisions........
WOW!, Wonder how Hitler or Stalin, (or some such) would use this statement to their advantage?

...I have no earthly idea why Hitler and Stalin were brought into this thread. I never said every human being is perfect or that ANY of us are perfect for that matter. What I was alluding to is that if that scripture is true (and remember...you can't pick and choose what you want to believe from the Bible if the rest of us can't do the same)...we are all born with the 'tools' needed to make good decisions. This does not mean that everyone chooses to use those tools. Honestly, I don't see how Hitler or Stalin could use that statement without shooting themselves in the foot.

Lastly...no need for anyone to walk on "thin ice" for my benefit (unless you're afraid you're going to fall in). I'm not angry at all, just voicing my opinion which I think gets to the heart of the Scott Farah issue (and yes...in my mind, chances are very good his father is involved on some level).

To Mr. Farah's neighbor: you and your relatives/friends have had very limited interactions with him. He has been able to base his pastoral career on the fact that he can be charming and friendly when he wants/needs to be. As a person you might run into on the street I don't doubt he is friendly, I never said he wasn't a friendly person. He is just not a trustworthy one and he is an expert of a hypocrite.

Bob2,

First of all my screen name is Pineedles, but you can call me Pine if it is easier.

It appears to me that you have been wronged by either the son or the father. It's OK if you have a beef with either. Let's get to what you know or what has happened to you out in the open.

As far as what you seem to want to credit me with saying. I don't doubt he is friendly, I never said anything about friendly.

I said, in my previous post "I have never had any reason to distrust him. We are not close, and we have only spoken a few times but I would have thought I would have picked up on some defect in his character. In converations with my relatives, whom may know Bob better than me, they also have not related any negatives about the man."

As far as your assumption that my relatives have had limited interaction with him, that is an assumption on your part that is incorrect. I never said they had the same limited interaction with him, I said I did.

But once again it appears that the father is the target rather than the son. Is pastor Bob the guy that wronged you?:confused:

Why are you guys being so hard on Bernie and Scott???.....Nothing wrong with a little Ponzi. Your government has been doing it for years, legally. There is not a dime in the SS account. It's all been transferred to the general account and spent. All social security payments are made by "new investors" just like Bernie Madoff.....only he's in jail.