CFO embezzled nearly $1.8 million from Society for the Propagation of the Faith
March 26, 2014
New York State’s attorney general has announced that Raymond Schroeck, the late chief financial officer of the Society for the Propagation of the Faith, embezzled $1,770,000 from the missionary organization.
The attorney general has recovered $1 million from Schroeck’s widow and $400,000 from “other entities.”
“We thank the Office of the Attorney General for its work throughout this matter,” said Father Andrew Small, national director of the Pontifical Mission Societies and president of the Society for the Propagation of the Faith. “Following our uncovering and reporting of the theft, we worked with the Attorney General's office to achieve a recovery of stolen funds that rightly belong to the poor and to strengthen our internal controls and board oversight. This was a model form of collaboration.”
- A.G. Schneiderman Recovers $1m Embezzled From Catholic Missionary Group By Former CFO (Attorney General Eric T. Schneiderman)
- Widow to Repay Embezzled Funds To Church Charity (Wall Street Journal)
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Posted by: SentimentalGent -
Mar. 26, 2014 10:45 AM ET USA
These organizations need to make sure they are audited annually and there are strict controls in how the money flows. These things happen in all sections of society, but when a Catholic/Christian organization is involved, it is so much more of a scandal because we're supposed to be living according to the example of Jesus. Pray for Schroeck's soul and all harmed by this incident.