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The Sale of Charitable Gift Annuities in a Ponzi Scheme
Nonprofit and Church Legal Trends - Free Edition - March April 2009 (free edition)
The Sale of Charitable Gift Annuities in a Ponzi Scheme Violated Federal and State Securities Rules
The individuals selling them on commission were not exempted from registration requirements by the Philanthropy Protection Act of 1995. The 9th circuit court of appeals affirmed the lower court which ordered the sales representatives to pay damages ranging from $31,900 to $109,900 per person.
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