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Nation IN BRIEF : PENNSYLVANIA

Charity Fraud Settlement OKd

August 24, 1996|From Times Staff and Wire Reports

Nonprofit organizations victimized by the biggest charity fraud in U.S. history will get up to 65% of their invested money back under a $39-million settlement approved by a federal judge. The decision means groups hit by the collapse last year of the Foundation for New Era Philanthropy could see some money by Christmas. New Era, based in suburban Philadelphia, persuaded universities, museums and other nonprofit organizations to invest money, promising to double it with contributions from anonymous donors. But authorities said that there were no anonymous donors and that New Era was no more than a pyramid scheme.

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