Posted on 09/07/2023 10:04:33 AM PDT by Morgana
When are they going to “claw back” the illegal foreign donations to Obama and Clinton? Or the illegal fraudulent funds donated by Sam Bankman-Fried to many Democrats?
Just more unequal justice.
“no wrongdoing” - then how do they have the authority to make the church do anything?
This seems like a 1A violation.
It’s going to get ugly soon.
I’m sure there are more details not listed here.
Is the business involved bankrupt ,so the SEC cannot retrieve money from that company anymore?
How is the SEC involved anyway in the first place?
If I stole a car, TV, PC, etc. and gave it to someone and they didn’t know it was stolen, they should be allowed to keep it?
“I’ve never heard of such a thing happening to a church.”
Some dude ran a ponzi scheme and he gave money to churches and a school. The suckers that gave him the money are suing to get it back.
With 87,000 new IRS agents you’ll be hearing a lot of this crap.
"Paging Hillary Clinton and Bill Gates".
Oh, that's right. It's only when it's not Democrats.
The legal doctorine is called “clawback” and it is used be receivers unwinding a ponzi scheme to level out the losses.
In a Ponzi Scheme, earlier investors are provided return on principal and often return OF principal with the principal (original investment) of newer investors. The theory is that you unwittingly benefited from criminal activity and should not have, since you participated in the later investors losing their money.
““no wrongdoing” - then how do they have the authority to make the church do anything?”
The church did nothing wrong but the source of the donations was money “stolen” via a company operating a ponzi scheme.
The problem is unequal justice, and divers weights, unjust measures.
If embezzled money had been given to Planned Parenthood there would be no prosecution or demand for funds return.
“Is the business involved bankrupt ,so the SEC cannot retrieve money from that company anymore?”
They operated a ponzi scheme.
Without looking, I can guarantee you this is NOT an ELCA affiliated church..
The Right should use this method to confiscate the asset of the liberal foundations, given the dubious and in many cases criminal origins of the money for the Ford, Rockefeller, Gates, Helmsley, Getty Foundations.
If I stole a car, TV, PC, etc. and gave it to someone and they didn’t know it was stolen, they should be allowed to keep it? |
Should the former employees of that business be forced to return all the pay they received while working for that company?
“Should the former employees of that business be forced to return all the pay they received while working for that company?”
It was a ponzi scheme. I doubt that he had any employees.
The SEC should yes, be able to go after the company who made the donations, but they should have to get whatever money that company owes out of a suit against the company, not by asking the church to pay the money back. The ONLY fraud is on the part of the company, not the church.
In this case money was given, but then also spent as would be routine for such a ministry. Clawbacks are a thing in bankruptcies (as I learned the hard way a few years ago) and when dealing with fraud like this. But there needs to be some reasonable limitation protecting "in good faith" recipients. For one thing, it tends to enrich the lawyers to a large degree, with the original victims only getting a fraction of the clawed back funds. And that doesn't sit right with me as regards the "in good faith" recipient. Lawyers are doing well enough already in this country.
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