Posted on 10/07/2009 10:09:00 PM PDT by VRWCTexan
ACORN appears to have been involved in improper use of pension funds and this lawbreaking may yet land some of its officials in serious legal difficulties.
That's according to F. Vincent Vernuccio, formerly a special assistant at the U.S. Department of Labor (and an American Spectator contributor) and editor of EFCAUpdate.org.
(Excerpt) Read more at spectator.org ...
ERISA protects plans from mismanagement and misuse of assets through its fiduciary provisions. ERISA defines a fiduciary as anyone who exercises discretionary control or authority over plan management or plan assets, anyone with discretionary authority or responsibility for the administration of a plan, or anyone who provides investment advice to a plan for compensation or has any authority or responsibility to do so. Plan fiduciaries include, for example, plan trustees, plan administrators, and members of a plan’s investment committee.
The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan’s investments in order to minimize the risk of large losses. In addition, they must follow the terms of plan documents to the extent that the plan terms are consistent with ERISA. They also must avoid conflicts on behalf of the plan that benefit parties related to the plan, such as other fiduciaries, service providers, or the plan sponsor.
Fiduciaries who do not follow these principles of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of plan assets. Courts may take whatever action is appropriate against fiduciaries who breach their duties under ERISA including their removal.
http://www.dol.gov/ebsa/faqs/faq_compliance_pension.html
FReep mail me if you want on/off the list.
Will be interesting to see just how much longer the dems and so called MSM will be able to keep ignoring the whole corrupt ACORN mess
I sent it to Drudge - also tweeted it to several in congress - Senate and MSM (so they can’t say they did not know)
Whoops. Wrong thread.
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Name | Type | City | Status |
CHIEF ORGANIZER FUND, INC. | Non-Profit Corporation | NEW ORLEANS | Active |
Business: | CHIEF ORGANIZER FUND, INC. |
Charter Number: | 35527549 N |
Registration Date: | 7/29/2003 |
Domicile Address | |
1024 ELYSIAN FIELDS AVE. | |
NEW ORLEANS, LA 70117 |
Status | |
Status: | Active |
Annual Report Status: | In Good Standing |
File Date: | 7/29/2003 |
Last Report Filed: | 7/31/2009 |
Type: | Non-Profit Corporation |
Officer(s) |
|
The Rathke brothers' activities offshore also give rise to concerns about massive govt fraud and money laundering.
Since 1970, ACORN has grown to more than 400,000 member families, organized in 1,200 neighborhood chapters in 110 cities across the US and in cities in Canada, Mexico, the Dominican Republic, Peru, Argentina and India. (JUSTICE DEPARTMENT COMPLAINT)
ACORN receives funding from a variety of private charitable organizations: the Bauman Family Foundation, George Soros' Open Society Institute, the Charles Stewart Mott Foundation and from corporate foundations, including JP Morgan Chase Foundation, Ben & Jerry's foundation, Bank of America Charitable Foundation, and Citigroup, as well as the Bill and Melinda Gates Foundation, the Ford Foundation, and foundations affiliated with the founder of United Parcel Service (UPS). (NPR: ACORN's Money Tree Has Many Branches, October 15, 2008).
A full list of ACORN and ACORN affiliate donors is available from the Capital Research Center, a non-profit organization which studies political advocacy groups. (Foundation Watch, 2008: Capital Research Center Cracks the ACORN)
NOTE The IRS has pinpointed tax-exempts and non-profits as the locus classicus for money laundering and tax evasion (stolen money is taxable). The biggest frauds are tax-exempts writing checks to another tax-exempt---the way these "altruistic do-gooders" siphon off, then launder, tax-free monies for themselves.
=================================================
REFERENCE----JUSTICE DEPARTMENT COMPLAINT
January 7, 2009
IN RE: ASSOCIATION OF COMMUNITY ORGANIZATIONS FOR REFORM NOW
EXCERPT The undersigned State Board delegates and National Board members of the Association of Community Organizations for Reform Now (ACORN) file this criminal complaint against ACORN Staff and Executive Board members for fraud, embezzlement, conspiracy and concealment, and criminal civil rights violations. Additionally, since there has already been the public admission that a felony was committed, it is also possible that other federal offenses have also been committed including but not limited to;
Title 18 U.S.C. §1341, Mail Fraud;
18 U.S.C.§1001, Presenting a False Document to the an Agent of the United States Government;
18 U.S.C.§1027 False statements and concealment of facts in relation to documents required by the Employee Retirement Income Security Act of 1974 and other possible offenses including civil and/or criminal RICO violations;
18 U.S.C. §§1961-68 (RICO Act);
18 U.S.C. §1001 (False Statements to Agents of the U.S. Government);
18 U.S.C. §1341 (Mail Fraud),18 U.S.C. §1027 (ERISA Violations), and,
18 U.S.C. §241(Conspiracy Against Civil Rights).
Finally, the complainants contend that full investigations of a RICO conspiracy under 18 U.S.C. §1962(c) are warranted because they assert that (1) the defendant persons (2) were employed by or associated with an enterprise (3) that engaged in or affected interstate commerceand that (4) the defendant persons operated or managed the enterprise (5) through a pattern (6) of racketeering activity, and (7) the complaints were injured in its business or property by reason of the pattern of racketeering activity. Thus, the complainants feel that a formal RICO investigation is also warranted.
--SNIP-- 24 pp complaint
SOURCE http://www.acorn-8.net/PDFs/USAttComp.pdf
This in a ‘nutshell’ is about the destruction of the independent, individual middle class.
That’s useful information right there. Good work.
“ACORN appears to have been involved in improper use of pension funds and this lawbreaking may yet land some of its officials in serious legal difficulties.”
Yeah . . . sure.
ACORN is only the tip of the BO iceberg. ACORN is connected to SEIU, Apollo and the Tides Foundation.
Wow! Imagine that... Who could have guessed. /s
Posts 7 & 8 are of special interest.
It's time to cap how much "tax free" money can go to any "charity". Most of these helping agencies spend an inordinate time "helping themselves"...
I see prison terms in the future for some of these guys...
CHIEF ORGANIZER FUND, INC.
Amendments on File (5)
Description Date
Amendment 2/19/2004
Domicile, Agent Change or Resign of Agent 4/27/2004
Domicile, Agent Change or Resign of Agent 7/7/2008
Domicile, Agent Change or Resign of Agent 9/19/2008
Domicile, Agent Change or Resign of Agent 9/14/2009 1:34:47 PM
Good work folks - thanks
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