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November 20, 2009, 12:45 PM ET
San Francisco Charity Sues Over Bad Investments
The St. Anthony Foundation, in San Francisco, is seeking legal redress from its longtime financial adviser over $2-million in investment losses, the San Francisco Chronicle reports.
Officials at the charity, which provides food, clothes, and other aid to the hungry and homeless, said they were not aware that SCM Advisors had invested the foundation’s money in risky auction-rate securities from Citigroup Global Markets, which is also named in the lawsuit.
Citigroup agreed in a settlement with the Securities and Exchange Commission and New York State to buy back the securities from some clients, but St. Anthony was not among them.
Diane Spirandelli, the SCM manager who handled St. Anthony’s investments and is named in the lawsuit, did not respond to the newspaper’s request for a comment on the legal action.
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