Bartlett v. Arthur Andersen LLP

MEMORANDUM **

I. BACKGROUND

Plaintiffs allege that Baptist Foundation of Arizona, Inc. (“BFA”) and its affiliates sold millions of dollars worth of promissory notes to buyers, primarily Southern Baptists, who were promised a “tremendous opportunity to be found faithful.” Plaintiffs allegedly invested over $3 million in BFA offerings. Although the investments were marketed as highly secure and profitable, in reality, it was an extremely speculative and high-risk “Ponzi” scheme.

Plaintiffs assert their claims against four groups of Defendants: (1) presumed officers and directors of BFA and its…