Ray claims he's broke

Guru charged in sweat lodge deaths says he's broke

Author of "Harmonic Wealth" says $5 million bail is "excessive"

By Felicia FonsecaA man who built a multimillion-dollar empire with a motivational mantra that teaches people to create wealth contends he's broke and cannot post bond in a criminal case that threatens the survival of his self-help business.

James Arthur Ray was charged earlier this month with three counts of manslaughter stemming from the deaths of three people following a sweat lodge ceremony he led last year in Arizona. His bond has been set at $5 million, a figure his attorneys say is "excessive and oppressive."

"Despite misconceptions perpetrated in the media, Mr. Ray is not a man of significant assets and certainly not the millions reported in the press," his attorneys wrote in documents obtained by The Associated Press from the court. The documents are now officially sealed.

Ray himself has touted his wealth and success in numerous media interviews and on his Web site, including an estimated $10 million in revenue in 2009 and a seven-figure advance for his book, "Harmonic Wealth" that hit the New York Times Best Sellers List in May 2008.

He told "Fortune Magazine" for an April 2008 article that his financial goal was $21 million a year and that he was sure there were limits, but "I am not aware of them."

But the court documents paint a much different picture, showing that he is severely in debt with a net worth of negative $4.2 million. Real estate makes up about $3.1 million of Ray's total assets of nearly $4.2 million, but he has little equity.Comment:  The man without limits has reached his own limits. How ironic.

Why don't you push past the barriers of your narrow thinking, Ray? Dream yourself into the prosperous person you want to be (again). Don't accept excuses, just do it. You expected your clients to, so why not you?

Ray is a real funny guy. When he's rich, it proves how great he and his program are. When he's poor, it's someone else's fault and we shouldn't blame him.

With every action, Ray continues to reveal what a fraud he is. Stupid New Age hypocrite.

It sounds like most of Ray's money is in property, which is convenient. While he was dodging the authorities, I suspect he spent much of his time hiding his assets. "They can't take what they can't find," he probably thought.

Ray already spent a couple months hiding from law enforcement. I'm guessing he is a flight risk and will use his hidden assets to flee. If someone is thinking of freeing him on bail, please put him under house arrest with an electronic monitor. Don't risk this jailbird's flying away.

For more on the subject, see Ray Charged with Manslaughter and Ray Arrested for Sweat Lodge Deaths.