Pastor Sentenced to Fraud and Filing False Tax Return

St. Louis, MO – Mark Q. Stafford was sentenced to 51 months in prison on charges of mail fraud and filing a false tax return in connection with a large-scale investment fraud arising out of his company, the Stafford Financial Firm.

According to court documents, Stafford, who was also a minister at New Birth Powerplex Ministries in North St. Louis, falsely represented to clients of the Stafford Financial Firm that their funds would be placed with Quest Financial Holdings or Gain Capital Group, which Stafford sometimes misspelled “Gain Capitol Group.” In truth and in fact, Stafford did not open any accounts at Quest Financial Holdings or Gain Capital Group in his clients’ names. Instead, Stafford, in some cases, did not deposit the clients’ funds with either Quest Financial Holdings or Gain Capital Group, and in others, he deposited their funds into his own accounts at Gain Capital Group where he then used those funds for his own personal benefit. Stafford obtained approximately $1.26 million in proceeds from approximately 31 victims and caused an actual loss to those victims in the approximate amount of $1.08 million.

Stafford, 53, of Florissant, Missouri, pled guilty in March to mail fraud and filing a false tax return for the 2010 tax year that failed to disclose the income he had illegitimately taken from his investors. Stafford also admitted to failing to file any tax return for the 2011 and 2013 tax years. He appeared today for sentencing before United States District Judge Henry E. Autrey.

The case was investigated by the Internal Revenue Service, the U.S. Postal Inspection Service and the Missouri Secretary of State’s Office. Assistant United States Attorney Reginald Harris is handling the case for the U.S. Attorney’s Office.