April 11, 2012
The owner of a Newport News-based religious broadcasting company is on trial on federal charges of defrauding more than 80 investors.
JBS Broadcasting owner Samuel B. Jacobs II of Hampton is charged with 29 fraud-related counts stemming from the investments in a failed financial services firm. Initial investments totaled $752,000.
The Daily Press (http://bit.ly/HK2ycF ) reports that Jacobs testified Tuesday that he is working to pay back the money owed to investors. Many of the investors were members of church groups.
The trial continues Wednesday.
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