Poor Little Millionaire: Sweat Lodge Guru Can't Make Bail Despite Potential Millions in Holdings
Photo: Publicity Photo of James Arhtur Ray
Not so, says the government. Richard Echols, an accounting fraud examiner, testified yesterday in Camp Verde, south of Sedona, that Ray is worth a "conservative" $2.4 million, a figure that includes $500,000 in trust funds, $240,000 in retirement accounts, equity in properties, and $1.5 million in stock value in a company Ray created in 2009 to buy a Beverly Hills mansion.
Photo: Booking Photo of James Arthur Ray
Echols also said that Ray moved money around from several different bank accounts shortly after the deaths for which he's being tried. That money was not included in Echols's assessment of Ray's worth, but he said Ray had significant legal fees and may have set a large amount of money aside for them.
Ray has been in jail for three weeks. His attorneys would like to see his bail lowered or even dropped completely. They say he isn't a flight risk.
Three people died at Ray's "Spiritual Warrior" retreat in Sedona, after entering Ray's version of the traditional Native American sweat lodge ceremony. Many participants have said that Ray chided them for wanting to leave, even as people were vomiting, getting burned by hot rocks and lying unconscious on the ground. If convicted, Ray faces as little as probation or as much as 12 1/2 years per count.
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