Trustee Raids Charitable Trust Out Of $52 Million

by Gary Snyder

A former trustee for two charitable trusts was sentenced Monday to 13-plus years in jail for spending $52 million of one of the organizations’ funds on aircraft, boats, and personal expenses over six months in the mid-2000s, according to the The Boston Globe. 

He used May Smith Trust money for a spending spree that included purchases of private jets, military planes and helicopters, a patrol boat, a yacht, and a $700,000 home. 

He was convicted in February on 11 felony counts in what federal prosecutors said was one of the largest cases of financial fraud in Alaska history. 

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