10:51 PM CDT on Monday, April 24, 2006

By GARY REAVES / WFAA-TV

WFAA-TV

Benny Hinn had no comment as he arrived at the federal courthouse.

One of America's best-known televangelists was in a Dallas federal courtroom on Monday. Prosecutors said Benny Hinn was fooled by a promise of big money.

Hinn, whose international ministry is based in Irving, is one of more than 1,000 Christians who were targeted in what prosecutors called a fraud and money laundering scheme run by Greg Setser.

Setser says he is a devout Christian, and his company—International Product and Investment Corporation—tried to help other Christians make money.

But prosecutors claim IPIC duped investors, sucking in more than $160 million and diverting millions of that total to pay for a million dollar helicopter, a $2 million yacht, and plastic surgery for his family.

At one point, Hinn hosted Setser at a prayer service. But prosecutors allege that Setser used high profile Christians like Hinn to lure other investors to IPIC.

Hinn testified he gave Setser $300,000 to invest in a paint deal. Prosecutors said Setser never sold any paint, but simply paid Hinn back.

Setser then paid Hinn $160,000 from other IPIC investors, claiming that the paint deal made a big profit.

Hinn said that once he saw Setser had purchased a yacht, he backed out of a second deal and gave his profit to the court.

Setser contends the IPIC investments were all legitimate; the yacht was an investment, he said; the helicopter purchase was part of a rental business.

But it may be hard for Setser to convince a jury of his innocence; his own son and wife have already pleaded guilty, admitting that IPIC was all a scam.

E-mail greaves@wfaa.com