July 14, 2010

Soka Gakkai International returns Ponzi scheme donations

VIA The Globe and Mail,

A Buddhist organization is giving back more than $300,000 in donations it received from a Toronto businessman who was accused of running an elaborate Ponzi scheme.

“In the circumstances, it was clear to us that it’s our moral duty to return these donations,” said Tony Meers, director-general of the Canadian chapter of Soka Gakkai International, or SGI, a Buddhist charitable organization founded in Japan. “We don’t want to keep this money. Our members wouldn’t want us to, it’s pretty obvious.”

Robert Mander died at his home in Flamborough, Ont., in March leaving investors scrambling to find out what happened to the $43-million they had entrusted to him. Investors won a court order putting Mr. Mander’s financial company, E.M.B Asset Group Inc., into receivership, and the receiver, RSM Richter Inc., has been trying to track down money ever since.

“It is evident to the receiver that Mander was operating a Ponzi scheme,” the receiver said in a recent report filed in court.

The report outlined how Mr. Mander used investor cash to make donations to SGI starting in 2005. According to the report, Mr. Mander donated $500 a month to SGI, as well as a number of gifts of $100,000. In total, Mr. Mander donated $320,500 to the organization.

continued...

Classy move, SGI!

Click here to read Tricycle contributing editor Clark Strand's Winter 2008 interview with Daisaku Ikeda, President of the Soka Gakkai International.

Daisaku Ikeda

Share with a Friend

Email to a Friend

Already a member? Log in to share this content.

You must be a Tricycle Community member to use this feature.

1. Join as a Basic Member

Signing up to Tricycle newsletters will enroll you as a free Tricycle Basic Member.You can opt out of our emails at any time from your account screen.

2. Enter Your Message Details

Enter multiple email addresses on separate lines or separate them with commas.
Ponzi “Shark Loans” Fuel China’s Housing Bubble; Home Sales 's picture

[...] Tricycle » Soka Gakkai International earnings Ponzi scheme donations [...]

lizzy's picture

that's a beautiful thing! ...that's a buddha thing!
what can you really say to that other than to applaud Soka Gakkai for returning the money that was taken dishonerably from others.

Twitter Trackbacks for Tricycle » Soka Gakkai International 's picture

[...] Tricycle » Soka Gakkai International returns Ponzi scheme donations tricycle.com/blog/?p=2049 – view page – cached Posted by Monty McKeever in : Buddhism, Events, Interview, News, Random Notes , trackback Tweets about this link [...]