Wednesday, August 25, 2010

Connecticut AG Sues Former Wesleyn Investment Director

Connecticut Attorney General Richard Blumenthal announced earlier this week that he is suing Wesleyan University's former investment director Thomas Kannam and three private companies with which Kannam is affiliated for allegedly misusing university endowment assets for personal trips and other inappropriate expenses.  The assertions include that Kannam used Wesleyan employees and resources to provide research and other services to these private firms, and billed Wesleyan for both business trips that benefited these companies and personal trips, for a total cost at least in the tens of thousands of dollars.  The AG argues that such expenditures violated the state's Solicitation of Charitable Funds Act.  According to the press release, the University is already in the midst of litigation against Kannam. 

(Hat tip:  Jack Siegel at Charity Governance Consulting LLC)

LHM

http://lawprofessors.typepad.com/nonprofit/2010/08/connecticut-ag-sues-former-wesleyn-investment-director.html

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