Occupy For Accountability: Virginia Thomas And The Liberty Central Quagmire: Laughing All The Way To The Bank

Liberty Central.org a C4 corporation that listed as its CEO Virginia Thomas, the wife of Supreme Court Justice Clarence Thomas, and funded by Texas billionaire Harlan Crow released its form 990 which we are now looking over. Some of the problems we see with it are in the financials. I shall highlight them here:

1. Compensation of Virginia Thomas set at 120,511.00

2. Listed 25 employees of which only 3 others were paid out of donated funds. Total salaries were for Chief Operating Officer Sarah Field at 83,750.00 dollars. Tracy Price as Treasurer, who was paid 22,000.00 dollars. And Sue Hamblin as Secretary, who was paid 33,510.00 dollars. The rest of the boards of directors were paid nothing. Total salaries were reported at 259,771.00.

3. Money that went to Information Technology was 141.717.00 dollars.

4. Fees for services listed as OTHER was 389,306.00 dollars. This other is totally unaccounted for and is not disclosed at all on how it was paid, or who it was paid to, or even what was paid for.

5. An Email Campaign which was billed at 16,267.00 dollars. How can you spend 16 thousand dollars on email?

6. Database CRM was billed at 13,824.00 dollars.

7. Merchandise was billed at 7209.00 dollars. What merchandise?

8. Books and subscriptions were billed at 2923.00 dollars. That is a huge amount of books and or magazines.

9. Other expenses not listed were billed at 15,052.00 dollars. Other meaning we don’t know where the money went, so we just list it as other unaccounted for funds.

10. Total expenses for the year were 1,460,194.00, leaving the company operating at a loss for the year of over a half a million dollars.

This looks like a classic bust out scam. A bust out is where you build a company and then take everything out of it financially that you can and then bust it out as a loss. The red flags are expenses listed as other, unaccounted for "other" expenses, and an Information Technology budget that literally screams fraud. How can one spend 140 thousand dollars on IT when hardly anything IT related went out of this organization when it was built and up until it closed down?

FULL STORY HERE:



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