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TIAA-CREF To Pay $97 Million in Investor Restitution...

TIAA-CREF Individual & Institutional Services will pay $97 million in restitution to customers who were allegedly pressured to move their retirement investment accounts from low-cost employer-sponsored plans into higher-fee individually managed accounts that ultimately often didn’t perform as well. The New York City-based financial services firm provides investment services and financial products for individuals who […]

Woman Gets 6 Years After Defrauding 2 Nonprofits...

Nicole Lescarbeau, a.k.a. Nicole Coulibaly, was sentenced to six years in prison, five years of supervised release and ordered to make restitution to two nonprofits she defrauded while employed by them. Lescarbeau embezzled more than $1.4 million from the two nonprofits, which were not identified in court papers or a statement from the United States […]

4 AGs Investigating Political Recurring Gifts...

Monthly sustainers and recurring donations in other forms have become a popular fundraising tactic in recent years. It’s common for fundraising solicitations to include a lightbox or similar tools on websites, encouraging donors to turn their one-time gift into a recurring donation, automatically debiting a checking account or credit card each month. In those cases, […]

Pitcher’s Pastor Purloined And Pursued (Allegedly)...

Former baseball player Ben Zobrist has filed a complaint against Byron Yawn, claiming Yawn used his position as a pastor to embed himself in the financial operations of Patriot Forward, Zobrist’s charity, as well as to bed Zobrist’s wife, Julianna. Yawn is accused of a “breach of fiduciary duty while acting in a confidential role […]

Would-be Rhode Island State Rep Stole Nonprofit Funds...

Laufton Ascencao, who was elected to the Rhode Island House of Representatives in 2018 but never took office, pleaded nolo contendere to one count of felony embezzlement, three counts of failure to report campaign expenditures and one count of failure to have a duly appointed treasurer other than himself certify the accuracy of his campaign […]

Class Action Filed Against ARC’s Retirement Plan Management...

Participants in the American Red Cross (ARC) retirement plan have gone to federal court alleging retirement fund fees were not kept below market standards and that returns on investments were subpar. Fund participants claim that they lost millions of dollars, according to a class action complaint filed in the U.S. District Court for the District […]

Canadian Nonprofits Claim Government Targets Muslim Charities...

Muslim charities in Canada are increasingly being targeted for audits and revocation of their status, according to a publication from the International Civil Liberties Monitoring Group (ICLMG), Ottawa, Toronto. The challenges to charities are coming from a division within the Canada Revenue Agency (CRA), which coordinates tax policy and oversees benefit programs and tax credits, […]

Federal Judge Rejects NRA Bankruptcy Filing...

The National Rifle Association (NRA) has made progress to correct past and present misconduct but a bankruptcy court judge stopped short of appointing a trustee because it can pay its creditors and continue to improve governance and internal controls. In a 38-page ruling handed down in U.S Bankruptcy Court’s Northern District of Texas, Dallas Division, […]

Former CEO Going To Prison...

The former chief executive of a nonprofit in Connecticut is facing a long prison sentence after admitting to stealing hundreds of thousands of dollars from the organization. Michael Meakem, 59, of Norwich, waived his right to be indicted and pleaded guilty in federal court in New Haven, Conn., to one count of wire fraud stemming […]

Supreme Court Hears Donor Privacy, Disclosure Arguments...

Oral arguments in a key donor disclosure case before the United States Supreme Court lasted 105 minutes on Monday morning, with questions from all nine justices and back-and-forth with representatives of the plaintiffs, the California Attorney General, and the federal government. Among the questions from the justices were whether on facial (on its face) challenges […]