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What makes a man start a Christian real estate empire? Could it be the $161 million he just stole from his shareholders? (Jennifer S. Forsyth, WSJ, July 20, 2007):

Shareholders of an unusual real-estate investment fund are suing the fund's founder, claiming that the fund failed to disclose a takeover offer, and instead paid $175 million for a group of companies he controlled.

Under the terms of the takeover offer, shareholders would have received higher payouts if the fund didn't buy the companies from the founder.

Leo Wells III, the 63-year-old founder of Wells Real Estate Funds, based in Norcross, Ga., personally received roughly $161 million of the $175 million purchase price as the predominant owner of the companies, which had been paid millions in management fees by the fund, Wells Real Estate Investment Trust.

Shareholders were informed about the "internal" purchase, but they were tricked: "What Wells REIT directors didn't disclose was that at least one potential suitor offered to buy Wells REIT, and the offer would have been more lucrative to Wells shareholders if the fund didn't buy Mr. Wells's management companies."

You can invest wherever you want, but I would think more than twice about investing with a so-called Christian who pays himself $161 million of his investors' money, yet meanwhile has never fully repaid investors in any of his funds over the last 20 years, according to a 2004 article in the WSJ.

Stealing from your investors just doesn't seem, well, Christian.

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