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Progressive foundation collapses after falling for scam
Posted By -NO AUTHOR- On 11/23/2012 @ 12:19 am In Money,U.S. | No Comments
(SanFrancisco Chronicle) When its president is sentenced next month for his role in a financial scam that ensnared board members and donors, the door will close on a nightmarish final chapter for the Vanguard Public Foundation.
Vanguard was once a social justice leader in the Bay Area, one of the country’s most active nonprofit scenes. The organization funded large protests in San Francisco against the Iraq war in 2003 and financed the first domestic violence shelter in the state. But its last cause was lining the pockets of a Belvedere millionaire who gained the trust of key officials at Vanguard, including the organization’s president, Hari Dillon.
The 40-year-old Bay Area foundation officially shut down last year after falling victim to an elaborate scheme by Israeli entrepreneur Samuel “Mouli” Cohen. Cohen swindled Vanguard donors out of more than $30 million.
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