Charitable Ethics Essay

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Charitable Ethics 1. Charity disgraced: Latitude Foundation loses charitable status after CRA finds it was for ‘private gain’ An unethical Toronto charity called “the Latitude Foundation” was ran by Vito and Don Ierullo brothers. The CRA found that the raised money for donation went for private gains. The donation scheme involved in a lot of money transfer, one of them was to the Jamaica’s University of West Indies. The Auditor had found only 3 percent of the total donation went to the university and 5 percent were used for administrative. On the other hand the brothers were the owner of Records of Wheels, then in 2004 it changed its name to Entertainment One Income Fund, and the CEO became Darren Throop. After that the Ierullo’s were not there anymore and the vice president of the Company said the brothers do not have a financial stake there. The CRA had found The Latitude appeared inactive since 2007, and reporting less than 5000 dollars in total assets in 2011. The auditor conclude about 90 percent of the donations were used for Life insurance scheme and only 10 percent went for charitable purpose. 2. Man arrested in $100M Navy vet charity scam By Thomas J. Sheeran - The Associated Press Posted : Tuesday May 1, 2012 13:09:35 EDT A fugitive was arrested for running a scam that collected millions of dollars from people that believed to raise money for Navy veterans in Cleveland. The man used a false identify of Bobby Thompson and had multiple fake ID cards. He was indicted in Ohio in 2010 on theft, money laundering and other Florida-based charity related charges; however he disappeared in June 2010. The frauds were $100 million in 41 states, and $2 million in Ohio. In 2011 the Authorities found the real Thompson’s and was told his identity, social security number and date of birth were stolen and Thompson had nothing to do with the association, however

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