Robert Dillie allegedly operated a fraudulent foundation from 1996 to 2001.
The foundation involved a ponzi scheme that issued $55 million in gift annuities to over 400 donors.
As a result of the case, the Federal Court of Appeals has concluded that gift annuities are investment contracts under federal securities laws.
The Court's conclusion will likely have a meaningful impact on the marketing activities of charitable foundations that are actively promoting gift annuities.
Source: On Philanthropy
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