The promise of daily miracles got one TV preacher into trouble two decades ago, but now Peter Popoff is back to business, and raking in millions.

But is Peter Popoff a rip-off, or this time, is he for real?

Watching and listening to Reverend Peter Popoff there's no doubt he is dynamic, but you'll have to decide whether he bares more resemblance to a magician or a preacher.

However, one thing is for sure, his bag of tricks is bringing him fortune at the expense of his viewers.

Most any day of the week, any time of day, you can turn on the tube, and find televangelist Peter Popoff, and his bag of miracles.

"I'm going to tell you about the miracle spring water," says Popoff.

Most infomercials promise amazing results but Popoff promises outright miracles.
It comes in a little packet of water Popoff says can cure anything from cancer to bankruptcy.

"You're going to see restoration you're going to see miracles in your life," says Popoff.

The price?

"It's free, it's absolutely free," says Popoff.

Free but that promise of heavenly miracles comes with a very earthly request.

"This is all different kinds of paperwork that Peter Popoff, Prophet Peter Popoff has sent me," says Matt Clement.

As a joke Matt Clement's roommates signed him up for Popoff's miracle spring water, and he was flooded, not with miracles, but with letters full of religious trinkets.

"Here is some miracle spring water, a napkin with a picture of Jesus on it, miracle manna cake is what it is" says Clements.

And with every single letter, came a plea for money.

"I feel led to ask you, Matt, to prove god with a $19 offering," Clements reads.

"I look at people like that and I think they're just nut jobs is what I think," says Pastor Joe Fuiten.

Pastor Joe Fuiten of Cedar Park Church leads a large, active congregation. He says the key to keeping a charismatic preacher in line is oversight.

Pastor Fuiten can't find any record that televangelist Popoff is even ordained much less has an organized church.
So, he asks where's the accountability?

"God is a good, and a faithful God. So there are people genuinely seeking miracles and he takes advantage of that," says Fuiten.

The only insight into Popoff's organization comes from these IRS documents.

In 2003 people donated 9.6 million dollars to Popoff's organization.

Nearly a million of that was salaries paid to him, his wife and children. By 2005 donations soared to more than 23 million dollars, and so did the salaries of Popoff and his family.

"23 million dollars? That's ridiculous" says Clements.

"I think it sours people toward religion," says Fuiten.

Even more surprising Popoff has a history of televangelist fraud.

"And god told me, he says you smite that cancer with you fist," says Popoff.

Read Part II to hear more about Popoff's history and what led one man to call him a fraud over 20 years ago.