Posted by: fraser in Untagged on Mar 10, 2010
About a dozen charities that received donations from a Florida foundation established by convicted ponzi schemer Arthur Nadel could be forced to surrender the money.
The return gifting would impact charities who received more than $20,000 from the Guy-Nadel Foundation. Ouch. The foundation was financed with $2.85 million the ponzi s scheme, donated millions of dollars to reputable charities. The Sarasota opera named its concert hall lobby after the foundation,
Comment from the Diocese charity that do not want to sign the waiver:
" Robert Reddy, spokesman for the diocese, said that gifts from the foundation had been spent on programs such as foodbanks and financial assistance programs for people in emergency situations. "Any need to reimburse money will be a hardship," said Reddy. "In legal terms, when cases like this come up, the only money that would be asked for is the money donated within the previous year. [Otherwise,] it's assumed the money's been spent."