Feds Accuse Pension Manager of Pocketing Millions from Disabled-Services Nonprofit
Millions of dollars disappeared from the staff retirement account of a Palm Beach island nonprofit organization that runs a preschool for kids with disabilities. Now an adviser and former board member faces federal fraud charges for allegedly stealing the money in a scheme which went undetected for more than two decades.
Founded in the 1940's, the Rehabilitation Center for Children and Adults provides injury rehab services, as well as occupational therapy, speech training, and support for people with disabilities. The center has earned praise from locals for helping elderly patients bounce back from surgery and teaching kids early-learning skills in the special needs preschool program.
Former board member William H. Minor Jr. is facing charges that he secretly siphoned off the nonprofit organization's funds for 25 years while working as its pension manager. Prosecutors say Minor made fraudulent orders for pension checks and then diverted the proceeds to himself. They say he drained the Transamerica pension account of at least $2 million from 1991 until 2016. Minor is scheduled for a Sept. 20 plea hearing on a mail-fraud count.
The nonprofit organization's suspicions were finally aroused when staffers found that its pension tax reports hadn't been filed for four years. They contacted Transamerica in mid-2016 and discovered the organization only had $1,200 in its retirement account, and that its staff's life insurance policies had lapsed. The disappearance of the money was reported to the FBI and Town of Palm Beach Police Department shortly after the revelation.
Read more: https://www.browardpalmbeach.com/news/william-h-minor-jr-stole-for-decades-from-rehabilitation-center-for-children-and-adults-lawsuit-charges-9882350
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