News Update: More on financial problems facing Bridgeport Board of Ed. Chair Kenneth Moales, Jr. and his church

More on the troubles facing Malloy, Finch, Pryor and Vallas ally Kenneth Moales Jr

On December 12, 2007, Kenneth Moales, Jr. and his Tabernacle Church of Love, Inc. borrowed $6,123,000 from Foundation Capital Resources, Inc. a Georgia company that loans money for the construction of fundamentalist churches.

As collateral for the loan, Moales and his church pledged 15 separate properties owned by the Prayer Tabernacle Church of Love, Inc.

On December 19, 2008, Moales and his church borrowed another $1,175,000 from the same lender.  The same properties were used to secure the 2nd mortgage.

Four years later, in March 2012, the loan between Prayer Tabernacle of Love, Inc. and Foundation Capital Resources was modified to require Moales to pay the lender $10,000 per week for the first three Sundays of each month and $15,000 for the fourth Sunday of the month.

As reported previously, a lawsuit is now being filed to immediately foreclose on Moales, his church and all the named properties.  In the case of a number of the properties, the lender is not only seeking to take possession of the title to the property but all real property located at those addresses.

Those properties include Moales’ two churches and the properties that he rents to his mother and sister for their taxpayer-funded daycare centers.  It also appears that one of the properties being foreclosed upon is the residence where Moales and his family live, while another may be the residence where his mother lives.

In addition to the $8 million plus in principal and interest owed to Foundation Capital Resources, Inc., Moales and his church owe hundreds of thousands more to various contractors, the City of Bridgeport,  the state of Connecticut and Community Bank of Bridgeport.

Community Bank of Bridgeport loaned Moales and his family $175,000. As collateral for that loan, Moales used the residence his mother lives in, as well as the full faith and credit of the church.

Considering that the  assessed value of all the properties, taken together, don’t come close to the value of the loans and debts Moales has racked up, it is unlikely that many of the parties will be paid.

Equally interesting will be to see if there is any investigation about how Moales managed to borrow so much money based on such limited collateral.

The following chart lists the properties being foreclosed upon and the assessed value of those properties.  Interestingly, some of the properties do not show up on the Bridgeport Assessors list.

Property Assessed Value
1209 Stratford Ave $24¸680
1221 Stratford Ave $18,600
1231 Stratford Ave $800,020
1259 Stratford Ave $24,700
1273 Stratford Ave $184,010
851 Central Ave 124,930
852 Central Ave $124,930
316 Deacon Street $19,460
1044 Central Ave ?
1054 Central Ave ?
1062 Central Ave ?
1065 Central Ave $212,320
689 Union Ave $3,551,440
715 Union Ave ?
729 Union Ave ?
  • buygoldandprosper

    The state of Connecticut should have no problem bailing out Moales Jr. since they are so experienced throwing away tax money…a recent ongoing example being the Good Ship Amistad.

    This is an amazing story and should be picked up by major news feeds as another example of corruption in Connecticut.

    And I thought Bell California was sickening!! Bridgeport is every bit as much of a sewer, and cesspool of fraud, with the only difference being California enforces the laws.
    Malloy just “works around” the laws.

    • 1987tsd

      Laws in the B’port are mere suggestion. Open for in-terp-pre-ta-shun.

  • buygoldandprosper

    This state is so infected with corruption it almost no longer shocks me.

    “Senate President Pro Tem Donald E. Williams Jr., D-Brooklyn, is leaving Friday for Marrakech and Casablanca, Morocco.
    His weeklong trip is sponsored and paid for by the State Legislative Leaders Foundation, according to his spokesman, Adam Joseph.
    Williams will be one of 23 legislative leaders on a trip that the foundation says on its web site is offered as a political and cultural exchange under the “high patronage of His Majesty The King Mohammed VI.”
    Corrupticut is one big bucket of slop that the pigs in Hartford just can’t keep their snouts out of. Amazing.
    Oh! Dan must have mentioned TOLLS twenty times in his radio interview so I guess we can look forward to a return of the state sticking its hand out at the border. Just don’t make it too close to Greenwich and DO NOT call it a tax or a new fee!!

    • 1987tsd

      Corrupticut…I like that.

  • 1987tsd

    Holy Moly! That’s a crap-load of money. Sounds like someone’s about to get hit by the karma bus!

    “If you sit by the river long enough, you will see the body of your enemy float by” – Japanese Proverb.

    Bridgeport…where the circus never left town.