Bank of America Executive Embezzlement Reaches Boston and Atlanta Nonprofits

From Non Profit Quarterly, “A former Bank of America executive and her husband have been indicted on embezzlement charges, allegedly illegally funneling $2.7 million from the company in a five-year scheme involving Boston- and Atlanta-area nonprofits.

Palestine “Pam” Ace and her husband, Jeremy, with the support of associate Brianna Alexis Forde fabricated Bank of America grants that directed funds to nonprofits with very strange conditions attached. Upon delivery of the funds, the nonprofits were asked to pay a base “consulting fee” to Ace, who promised access to individual donors within BoA, as well as accept a condition whereby some of the received funds would need to be paid back in order to ensure continued funding.

Some of the Atlanta-based nonprofits were seemingly connected to the scheme as relatives of the Aces and diverted the funds that reached the nonprofits into their own personal bank accounts. Most of the nonprofits involved, however, believed the funds were legitimate and directed them towards charitable activities, according to the federal investigators on the case. While the names of the nonprofits have not yet been released, it is known that they were established organizations focused on issues of youth, education, and health.”

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