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Soundation For New Era Philanthropy

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BUSINESS
November 16, 1996 | Times Staff and Wire Reports
Prudential Securities Inc. will pay $18 million to settle four lawsuits filed by dozens of nonprofit groups following one of the biggest charity frauds in U.S. history. The agreement covers complaints by groups bilked in the collapse of the Foundation for New Era Philanthropy, which had promised to double the organizations' investments with contributions from anonymous donors. Prudential Securities was the broker for the charity.
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BUSINESS
November 16, 1996 | Times Staff and Wire Reports
Prudential Securities Inc. will pay $18 million to settle four lawsuits filed by dozens of nonprofit groups following one of the biggest charity frauds in U.S. history. The agreement covers complaints by groups bilked in the collapse of the Foundation for New Era Philanthropy, which had promised to double the organizations' investments with contributions from anonymous donors. Prudential Securities was the broker for the charity.
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