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47of74

(18,470 posts)
Sun Dec 21, 2014, 12:07 AM Dec 2014

Franciscan Order On Verge Of Bankruptcy After Financial Fraud Uncovered

Ugh.

VATICAN CITY (RNS) One of the largest Franciscan religious orders, founded on the humble teachings of St. Francis of Assisi more than 800 years ago, announced it is on the brink of bankruptcy after admitting some of its friars embezzled funds from its accounts.

The Italian news magazine Panorama on Friday (Dec. 19) reported that tens of millions of dollars were missing from the Order of Friars Minor and had been invested in offshore companies.

Panorama also claimed Swiss prosecutors had seized Franciscan accounts in Switzerland because the account holders had allegedly invested in illegal operations that could include arms and drug trafficking.

Brother Michael Perry, the American head of the order, said an internal inquiry was begun in September and revealed “a number of questionable financial activities that were conducted by friars entrusted with the care of the patrimony of the order.”
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Franciscan Order On Verge Of Bankruptcy After Financial Fraud Uncovered (Original Post) 47of74 Dec 2014 OP
Here's the letter. rug Dec 2014 #1
Father Perry said he intends to give Fortinbras Armstrong Dec 2014 #3
Awful shenmue Dec 2014 #2

Fortinbras Armstrong

(4,473 posts)
3. Father Perry said he intends to give
Sun Dec 21, 2014, 09:38 AM
Dec 2014

"a full account of the whole affair" at the order's next worldwide meeting of its members, to be held in Assisi, Italy, in May-June 2015.

Apparently, he put something out to beat a story in an Italian magazine, Panorama. Here is an excerpt from the article in Panorama (Google translation from Italian): Francescani sull’orlo della bancarotta.

The scandal broke in October and even the Pope came to know: Swiss prosecutors have seized some deposits of the Congregation of the Franciscan Friars Minor, for tens of millions of euro, because invested in companies came under investigation for trafficking, there is even talk of guns and drugs. The investments date back to the period when he was superior of the Friars Minor José Rodriguez Carballo, now secretary of the Congregation for Religious. Impeach the former general treasurer, Father Giancarlo Lati, who was made to resign, and some consultants. The seizure of the funds, the interest expense to be paid and the loss of a portion of the assets for reckless investments, have crippled the friars enough to force the new Minister General, Father Michael Perry to enter the United States and other provinces to ask a collection to help the General Curia. The brothers have tried for weeks to keep secret this scandal. Until Panorama has discovered and officially asked to Msgr. Carballo, father Perry and the new economic, father Silvio de la Fuente to comment on this information. From all came a curt "no comment", perhaps in the hope that nothing more would be leaked outside. Once they learned that the new Panorama issue on newsstands would spread the news, the general minister was forced to officially recognize the fact, with a public letter that is an admission officer's distress but can not be taken as an example of transparency.

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