The North Pacific Union Conference Association (NPUCA) has announced plans to return nearly $730,000 of trust investments to five trustors.
These NPUCA funds invested with American Equities more than a decade ago recently drew the concerns of a September 2018 audit by the General Conference Auditing Service. After investigating further, current NPUCA leadership requested a full withdrawal of the funds from American Equities, which the company was unable to grant.
The funds in question are among others from the company that have now been placed in court-ordered receivership due to insolvency. Besides the NPUCA funds, this receivership has impacted more than $70 million from approximately 200 other investors.
In response, the NPUCA will ensure that its fiduciary responsibilities to the affected trustors are met as it prepares to return the original trust investments. It will do so from nontithe funds in unrestricted NPUCA accounts not related to NPUC operations.
According to Andre Wang, North Pacific Union Conference legal counsel, the NPUCA has retained specialized outside counsel to seek recovery of the investment funds through the receivership process.
“Our current organizational investment policies are set up to highlight good investments and minimize risk for both the NPUCA and our trustors,” says Wang. “This is our ongoing commitment.”
Read more information online regarding the scope and impact of the American Equities actions from The Columbian.
