Planned Giving Criminals?

Oh, yes, there are a few.

For now, this story seems to have flown under the radar – not picked up yet by the Wall Street Journal or the NY Times.  Probably a matter of days because it seems to fit a popular line of journalism in this area of focusing on the bad apples.

In brief, Richard K. Olive and Susan L. Olive allegedly went around selling charitable gift annuities and other means of giving on behalf of a phony charity, to line their own pockets, etc…  The amounts stolen are at a minimum $30 million (Mr. Olive was just convicted on that amount on federal charges) and upwards of $70 million or more (alleged in an SEC press release on different charges).

Here is a link to the SEC’s press release on the story if you are interested in the details: http://www.sec.gov/news/press/2013/2013-19.htm

And, here is a link to an article about how the scoundrel named in the above indictment was just convicted in Tennessee federal court on similar abuses of charitable gift annuities: http://www.investmentnews.com/article/20130312/FREE/130319983#

Always sad when this stuff hits the news – definitely sends the wrong message about an industry that is generally very honest and almost always helping individuals do good with their money (while helping themselves, too).

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