Mormon Church To Pay Back Donations Tied To Ponzi Scam

Law360, New York (December 9, 2011, 7:01 PM EST) -- The president of the Church of Jesus Christ of Latter-day Saints has agreed to return $26,000 in donations made by the principals of Art Intellect Inc. as part of an alleged $2.5 million real estate investment scheme, according to court documents filed Friday.

The LDS church reached the agreement Thursday with receiver R. Wayne Klein of Klein & Associates PLLC after evaluating a Utah federal court's recent preliminary injunction and contempt orders, according to the motion for settlement approval. The church agreed to return the donations...
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