NY Attorney General Sanctions CEO of DAF Sponsor for Breach of Fiduciary Duty

AG permanently bars CEO from serving as fiduciary of a charity for misusing funds for personal benefit for himself and others

The Attorney General of New York has permanently barred the former CEO of the Foundation for Jewish Philanthropies in the Buffalo area from serving in a fiduciary capacity for any charity active in New York state after finding that the CEO misused approximately $3.1 million in donor advised and other funds held by the organization. In an Assurance of Discontinuance, the AG has recited facts about the conduct of former CEO Peter Fleischmann and “numerous breaches of fiduciary duty” in connection with his administration of charitable assets. He served as CEO from 1982 until his resignation in the summer of 2018 after being placed on leave. Assets of FJP, which was formed in 1911, grew from $1...

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NY Attorney General Sanctions CEO of DAF Sponsor for Breach of Fiduciary Duty

NY Attorney General Sanctions CEO of DAF Sponsor for Breach of Fiduciary Duty