As history being your guide you can see that even Great Names and Organizations get placed in some of these schemes.
From website:
http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/examples.htmFor The Good of All Men
Martin Frankel AKA David Rosse AKA Eric Stevens absconded with $335 million
after he found out that laxly regulated insurance companies are the perfect
target for scam artists as they collect regular cash premiums that are paid out
only as policies come due.
Despite being banned for life from securities trading in 1992 - after
complaints that $1m had disappeared from a fund he managed - Frankel was able to
set up Liberty National Securities, an unlicensed brokerage.
He took over Liberty National, which sold burial policies, then,
using its assets, went on to gain controlling stakes in insurance firms in
Arkansas, Mississippi, Missouri, Oklahoma and Tennessee. By issuing false statements to company
trustees he siphoned off $208 million in cash reserves for an extravagant lifestyle consisting of
jets, lavish parties and a bevy of live-in ladies.
A college dropout, obsessed
over the financial markets, he also bought side-by-side mansions in Greenwich
Conn. worth $3 million each with proceeds from his scheme.
Wishing to draw in more money he created a benevolent foundation which
purported to not only generate high returns for investors but would acquire insurers and use the profits for
charitable purposes. While pitching it he displayed an
in-depth knowledge of the saints, especially St. Francis, who was known for
helping the poor.
A well-connected New York business consultant introduced Frankel to various
movers and shakers who Frankel hoped would add legitimacy to the St. Francis
foundation. It soon attracted investments from major church groups but
eventually he was forced to flee when authorities intervened.
While eleven insurance companies in five states were horrified to learn of the
missing assets, so were some prominent people whose names had been attached to
the charity without their permission.
Retired CBS newsman Walter Cronkite said he was
contacted by an old friend, a priest living in Rome, and asked to become a
member of the St. Francis Foundation's advisory board. It was described as a
new organization that was being founded to aid charities involving children,
health and education.
Cronkite said he refused, mainly because he was already busy with several
other charities. Former Chrysler chairman Lee Iacocca was also listed, although
he, too, withheld giving his permission. After Frankel disappeared, Cronkite
learned that despite his refusal, his name had been listed as a member of the
board on the foundation's mission statement. "Anybody who says he's got a
billion dollars and is willing to give it away is likely to attract an awful lot
of people," said Cronkite.
Monsignor Emilio Colagiovanni, 82, pleaded guilty to conspiracy to commit wire fraud and to
launder money.while assisting Frankel in using the Saint Francis of Assisi Foundation to acquire
insurance companies, while concealing Frankel's involvement, according to a
complaint which charges both wire fraud and conspiracy to launder money.
The monsignor said in his statement that the plan was for Mr. Frankel to
deposit $50 million into the Monitor Ecclesiasticus Foundation's bank account.
The money would then be transferred to Saint Francis and Mr. Frankel would
donate an additional $5 million to Monitor Ecclesiasticus or other organizations
it designated. Mr. Frankel never transferred any of that money, but eventually
gave Msgr. Colagiovanni $40,000, which he deposited in Monitor Ecclesiasticus's
account at the Vatican bank.
Saint Francis never ended
up acquiring any insurers, in part because
regulators became suspicious about the foundation. Insurance companies
and regulators were led to believe that the source of the
foundation's funds were the Holy See and other Catholic entities when
Frankel
was the actual source.
A state initiated lawsuit says the Vatican was associated with the fraud through
the actions of Colagiovanni in his role as a senior member of the Vatican
government, and that other senior Vatican officials knew of the schemes but did
not act to stop them, so they are seeking the $200 million-plus the amount U.S.
insurance companies lost.
Frankel was to give $55 million to the Vatican as a charitable foundation
whereby the Vatican would keep $5 million and Frankel would retain control over
the remaining $50 million.
While the Vatican never received funds from the foundations nor furnished any
from the $200 million, under the racketeering law, a party involved in the
conspiracy is responsible for the entire amount stolen. A Vatican spokesman said
Colagiovanni was a retired priest at the time of the alleged scheme and was
acting "as a private Italian citizen."
Frankel, 47, after pleading guilty to 24 federal charges including racketeering,
securities fraud and conspiracy could face a sentence of 150 years in jail and
$6.5m in fines. Prosecutors have said they will back a lower penalty if he
helps recover some of the stolen funds beyond the $70 million already recovered.
Seven other people have entered guilty pleas in the case. Three of
Mr. Frankel's associates are expected to face trial early next year.
12/04 - A former powerhouse fund-raiser for the Republican party and the Catholic church pleaded guilty yesterday to
taking part in financier Martin Frankel's scheme to loot insurance companies in five states.
Thomas Bolan, 80, a lawyer of New York City, introduced Frankel to high-ranking church officials and helped him
run a phony Roman Catholic foundation used to hide the plot.
For more on Martin Frankel:
http://en.wikipedia.org/wiki/Martin_FrankelSo a famour TV person, Walter Cronkite, the Vatican, a fund-raiser for GOP and the Cathilic church were either used by name without consent, or helped the swindler.
So, be sure what you are involved in and don't just take anyone's word. Read the terms of service ask questions and for facts to back up what is stated. Get proof. The last thing you want is your name to be involved in a court investigation.
Kenneth R Sword Jr