We have a dangerous shortfall this month—$11,686 short—a serious deficit. Your support needed NOW!
Click here to advertise on CatholicCulture.org

Judge dismisses complaint against Vatican in swindle case

Catholic World News - February 02, 2012

A federal judge in Mississippi has dismissed a complaint against the Vatican, brought by insurance commissioners in connection with an elaborate financial scheme conducted by a man who had no connection with the Holy See.

The insurance commissioners of Mississippi, Tennessee, Missouri, Oklahoma and Arkansas brought their complaint against the Vatican in 2002, after a man named Martin Frankel took funds from insurance companies in a complicated financial scheme.

Frankel, working under a pseudonym, claimed that he was a “financial advisor” to the Vatican, and set up a foundation which he claimed had the personal authorization of the late Pope John Paul II. With those bogus credentials he managed to manipulate insurance companies.

When informed about the scheme, Church officials said that Frankel had no connection with the Vatican. Questioned about his “charitable” work, which Frankel said was done in partnership with Rome, the Vatican replied that “no such Foundation has the approval of the Holy See or exists in the Vatican.” Jeffrey Lena, a lawyer who represented the Holy See in the case, said that the insurance commissioners lacked a viable case against the Vatican, and added that diligent investigation would have revealed that Frankel was making false claims. He suggested:

The insurance commissioners’ lawsuit against the Holy See, which alleged a wide-ranging Vatican conspiracy and cast aspersions upon numerous respected Holy See officials, perhaps effectively shifted the spotlight from the regulators’ own conduct.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Progress toward our January expenses ($11,686 to go):
$35,000.00 $23,313.70
33% 67%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

Show 1 Comments? (Hidden)Hide Comments
  • Posted by: AgnesDay - Feb. 03, 2012 2:09 PM ET USA

    The good judge charitably referred to their stupidity as "conduct."

Subscribe for free
Click here to advertise on CatholicCulture.org
Shop Amazon

Recent Catholic Commentary

Salvation? No matter who we are, one price. January 28
Rich Spiritual Instruction January 27
Snowbound thoughts on natural law January 27
The best argument against the 'celibate gay Catholics' January 26
Church Fathers: St. Polycarp and St. Papias January 24

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis names 20 new cardinals CWN - January 5
In ‘state of the world’ address, Pope decries ‘throwaway culture’ CWN - January 12