James Miller, the newly elected executive director of the denomination's Department of Retirement Services, that his request could not be accommodated due to a pending audit and the church's retirement funds being frozen. Screenshot: Facebook/6th District AME Church, 'Exceptionally radical': UN report says anti-LGBT religious beliefs not protected human rights, Evangelicals in CofE warn bishops not to commend blessings for same-sex couples, Pennsylvania's Democrat gov. Church, Investigations. Miller, Defendant Harris's replacement as Executive Director of the Department of Retirement Services, put it this way: 'never again will we allow one person to count the money,' essentially conceding that the Plan's other fiduciaries previously had completely abdicated their duties owed to the Plan and the Plan's participants, including Plaintiff Alexander and the other members of the Class," the lawsuit said. The African Methodist Episcopal Churchs annuity investment department location in Memphis, Tennessee. As a result of the African Methodist Episcopal Churchs gross financial mishandling, nearly 5,000 pastors, church elders, and other employees find themselves contemplating a future without the retirement funds they were depending on, William Alvarado Rivera, senior vice president of litigation at AARP Foundation said according to Religion News Service. Your email address will not be published. Entrepreneurs Summit The document alleges that Jerome V. Harris, the former executive director of the denomination's Department of Retirement Services, was "given sole authority to invest tens of millions of AMEC clergy's and other Church servants' retirement savings in a questionable and potentially unlawful purchase of undeveloped land in Florida, a promissory not. 696 views, 4 likes, 6 loves, 43 comments, 8 shares, Facebook Watch Videos from AME Council of Bishops: Join us as we celebrate the ministry of these two General Officers who will retire at the 2021. The Employee Retirement Income Security Act of 1974 stipulated that management and investment decisions should be made solely for the benefit of participants, which Harris did not adhere to. Rt. Use of and/or registration on any portion of this site constitutes acceptance of our. He was succeeded last year by James Miller, who informed annuity plan participants in September that distributions from the plan would be halted while a forensic audit was conducted. }); window.tude = window.tude || { cmd: [] }; By Dr. Jerome V. Harris, Executive Director. ]); This financial crime has been committed against the AME Church community, and specifically our clergy and Church employees, said Bishop Anne Henning Byfield, president of the AME Churchs Council of Bishops, in a statement. Dr. Teresa L. Fry Brown Historiographer / Executive Director, Department of Research and Scholarship 900 13th Avenue South Suite 230 Nashville, TN 37212 615-259-7792 AMECHistoryintheMaking@yahoo.com Contact Church officials claim that current denomination staff do not understand where the funds went, and only the former head of retirement services would be able to explain the discrepancy in assets. Dr. Jerome Harris ("Dr. Harris") and ten other individuals and entities some of which wer. Rev. The nine-count complaint (2:22-cv-02136) was filed in United States District Court for the Western District of Tennessee in Memphis. Jerome V. Harris - MinistryWatch. While another $1.5 million was invested in another risky and speculative investment involving an undeveloped property in Key Marco Island, Florida. AME Church Alleges Former Retirement Services Exec Embezzled Tens of Millions. As a result of the AMEC investigation, and as stated in the complaint, AMEC has learned among other facts: The lawsuit filed by AMEC also brings claims against Symetra Financial Corporation for approving requests from Dr. Harris to electronically wire Annuity Plan funds to Motorskill Entities without confirmation that Dr. Harris had the authority to do so. As stated in the complaint, from 2005 to 2021, Dr. Harris via Department and/or Annuity Plan funds paid about $37 million to Motorskill Entities. In addition, the lawsuit includes claims against Rodney Brown and Company, an independent certified public accounting firm retained by the Department to audit the financial statements of the Department,including as recently as 2020 and 2021. African Methodist Episcopal Church The circumstances under which the funds assets went missing are rather murky, but fraud and incompetent investment strategies are the two greatest possibilities. Blue preached his trial sermon on June 9, 2002 and began his pastoral vocation at the age of 23. Complaint details sophisticated scheme to defraud AMEC clergy and employees of tens of millions in retirement funds managed by the AMECs Ministerial Retirement Annuity Plan. These cookies will be stored in your browser only with your consent. The Rev. Dr. Jerome V. Harris) | 9th District African Methodist Episcopal Church was live. Big churches sound alike. The said investment reflected a $500,000 loss for the denomination. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. UCC elects first woman and first woman of African descent to lead denomination, How the Supreme Courts conservative majority is making new rules for minorities, Copyright 2023, Religion News Service. ", "The AME Church takes this crime seriously," a statement from AME said, according to The Wall Street Journal. Jerome Harris for the severe losses incurred by 70% of the denomination's retirement plan. You also have the option to opt-out of these cookies. Harris, without any authority, used Department and/or Annuity Plan funds to issue loans to various entities, some of which have not been repaid., Information related to these unauthorized investments was actively concealed from and not disclosed to AMEC., Dr. Harry L. Seawright, Presiding Prelate & President of the Council of Bishops, AME Church "God Our Father, Christ Our Redeemer, The Holy Spirit Our Comforter, Humankind Our Family." Home About Us Prayer Request Ministries Media Calendar Contact Us In the first week of February, Alexander said he received a letter from the Department of Retirement Services informing participants of "troubling news" that "plan funds were frozen, and distributions delayed pending the investigative findings." AMEC immediately engaged experienced legal professionals and forensic experts to conduct a comprehensive and independent investigation. The complaint was filed in the U.S. District Court in Memphis, Tennessee, where the AME Churchs retirement department is located, serving about 5,000 clergy and church employees. Harris) and ten other individuals and entities some of which were involved in a sophisticated scheme to embezzle funds and defraud the AMECs Ministerial Retirement Annuity Plan. The Rev. However, you may visit "Cookie Settings" to provide a controlled consent. The complaint states pension funds were diverted when Harris issued loans to LLCs that he and Eaton set up. kw: 'mandc,employment,money-management,workplace-issues', The cookies is used to store the user consent for the cookies in the category "Necessary". No one was immediately available. Under his guidance, the Church has grown spiritually, numerically, and economically, moving to a beautiful, new, larger edifice in 2007. Jerome V. Harris. An award-winning journalist, she previously was the religion reporter at the Orlando Sentinel and a reporter at The Providence Journal and newspapers in the upstate New York communities of Syracuse and Binghamton. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. cat: 'news', refTagger.settings.nonce = n && (n.nonce||n.getAttribute("nonce"));
With the help of our legal team, the AMEC community is committed to holding those responsible accountable and recovering embezzled funds.. Photo via AME Church. s.parentNode.insertBefore(g, s);
In addition to the lawsuit, the church said Harris and others are being investigated by law enforcement. BE 100s Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The cookies is used to store the user consent for the cookies in the category "Necessary". They are elected for life by a majority vote of the General Conference which meets every four years. Dr. Jerome Harris (Dr. Defendants include Jerome Harris, the former executive director of AMEs Department of Retirement Services and South Carolina Bishop Samuel L. Green. This financial crime has been committed against the AME Church community, and specifically our clergy and Church employees, said Bishop Anne Henning Byfield, president of the AME Churchs Council of Bishops, in a statement. Image courtesy of Google Maps. The complaint was filed in the U.S. District Court in Memphis, Tennessee, where the AME Churchs retirement department is located, serving about 5,000 clergy and church employees. Alexander's retirement account total has been reduced from $86,631.75 to $26,025.29, since the investigation, the complaint states. 900 13th Avenue SouthSuite 340Nashville, TN 37212. Harris and/or Eaton, without the knowledge (and accordingly, without consent) of AMEC, Dr. According to the complaint, the governing documents of the AME Church's retirement plan stipulate that it is governed by the federal Employee Retirement Income Security Act of 1974, which requires that management and investment decisions should be made solely in the interest of the participants. AME Church officials acknowledged in an update published last month that it became aware of problems with its pension plan after a leadership change last year revealed financial irregularities., Out of an abundance of caution, we immediately engaged outside legal counsel and forensics experts to conduct an independent and comprehensive investigation, AME Church leaders said in the update. AARP Foundation legally represents a number of retired clergy from the AME who depend on the pension to pay monthly bills, and the foundation has petitioned to transition the litigation into a class action lawsuit on behalf of as many as 5,000 retirees. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. On Sept. 13, 2021, he requested a rollover of his funds from the church's plan to an individual retirement account. Women of Power TECH, PODCASTS }
Reach him at ladams@tennessean.com or on Twitter @liamsadams. tude.refreshAdsViaDivMappings([ { Harris and others have continually represented to the Commission on Retirement Services, the AMEC General Board, and Annuity Plan participants a deceptive, false, and grossly inflated value for the Annuity Plan.. Harry L. Seawright, Presiding Prelate & President of the Council of Bishops, AME Church We continue to actively work with federal authorities who are investigating this matter and recover any misappropriated funds.. Sherita Moon Seawright, Episcopal Supervisor. settings: {
Now, church leaders are heaving blame at the Rev. env: 'prod', pos: 'right_rail_3', "Upon information and belief, Defendant Harris would not have secretly moved tens of millions of dollars in Plan asset's out of Symetra annuity investments and invested them in a risky or fraudulent venture capital company Motorskill Ventures Group, Financial Freedom Fund, LLC, or invested an additional $1.5 million in a Florida land deal if he did not stand to benefit in some way," the complaint argues. Cedric V. Alexander, a retired pastor with the African Methodist Episcopal Church, Inc., has filed a proposed class-action lawsuit alleging that the denomination lost some 70% or nearly $100 million from its retirement plan through "foolish" and risky investments, which have hurt about 5,000 participants financially. Sherita Moon Seawright, Episcopal Supervisor Rt. Nashville, Tennessee, May 25, 2022 Today, the African Methodist Episcopal Church (AMEC) General Counsel Douglass Selby confirmed that lawyers hired by the church filed a lawsuit against former AMEC Department of Retirement Services Executive Director Rev. Memphis Attorney Andre Mathis, who is representing Harris, has not filed aresponse to the lawsuits or cross-complaint. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Registry of Corporate Directors. Jerome V. Harris, former executive director of the church's Department of Retirement Services. Your California Privacy Rights/Privacy Policy. Harris is accused of depositing funds from the plan into his personal checking account. When Alexander checked his account during the investigation, his plan was reduced to $26,025.29. The document alleges that Jerome V. Harris, the former executive director of the denomination's Department of Retirement Services, was "given sole authority to invest tens of millions of AMEC clergy's and other Church servants' retirement savings in a questionable and potentially unlawful purchase of undeveloped land in Florida, a promissory note to an Illinois installer of solar panels, and an even more foolish investment in a now non-existent capital venture outfit.". The court filing responded to the class action suit filed in March against the AME Church by the Rev. Harris was executive director of the Department of Retirement Services for 21 years, elected to four-year terms from 2000 to 2016. The nine-count complaint (2:22-cv-02136) was filed in United States District Court for the Western District of Tennessee in Memphis. The African Methodist Episcopal Church has filed a lawsuit against the former head of its retirement service Rev. And while all of this was happening, church officials kept reporting to the plan's beneficiaries that their retirement funds were safely flourishing as investments in annuities from Symetra Financial. cnx.cmd.push(function() { 2024 General Conference Proposed Legislation Form; News; Events; Official Announcements; Annual Conference Schedules; Strategic Plan; Mailing List James F. Miller took over the AME Church's retirement office last summer, he became the first new director in two decades to tackle the role of safeguarding the. You've read 0 of 5 of todays most popular posts. Image courtesy of Google Maps. This cookie is set by GDPR Cookie Consent plugin. AME Church Lost Nearly $100 Million From Retirement Plan Due To 'Foolish' Investments, Lawsuit Says By Anton Carillo March 28, 2022 08:00 EDT Share Tweet EKATERINA BOLOVTSOVA / Pexels The cross-complaint treats afinancial advisor named Robert Eaton as basically a coconspirator ofHarris. RELATED: Report: AME Church suspends payments to retirees, investigates missing pension funds, The Rev. The diversions, the AME Church alleges, were for illegal activities, such as high-risk investments and payments to other individuals and to Harris. These cookies track visitors across websites and collect information to provide customized ads. While studying for her divinity degree, Rev. tag: 'mandc,employment,money-management,workplace-issues', The findings of the investigative team led to AMECs decision to bring this lawsuit against Dr. Harris and other defendants. ]); Other defendants include Symetra, a financial services company, and private equity funds such as Motorskill Venture Group into which the church said Harris invested about $37 million of annuity plan funds without necessary approvals. backgroundColor : "#ec6d18",
This website uses cookies to improve your experience while you navigate through the website. https://www.ame-church.com/news/important-updateon-amec-retirement-services/, AARP Foundation Joins Class Action Lawsuit to Recover Retirement Funds for Nearly 5,000 Current and Former Pastors of the African Methodist Episcopal Church, AME Church will no longer allow one person to count the money after nearly $100M goes missing. The church said it has since learned that the latter valuation is a baseless representation recklessly and deceptively made to plan participants without any third-party verification., Harris, it said, called the transactions related to the fund prudent and conservative., The accounting firm Rodney Brown and Co., another defendant in the court filing, performed audits for the department for 15 years. The retired ministers and denomination leaders both say they realized the shocking reality about the pension funds in September whenHarris retired after 21 yearsas director of theAME Church Department of Retirement Services, which is based in Memphis. Yesterday, the African Methodist Episcopal Church (AMEC) General Counsel Douglass Selby confirmed that lawyers hired by the church filed a lawsuit against former AMEC Department of Retirement Services Executive Director Rev. General Secretary / Chief Information Officer 900 13th Avenue South Suite 340 Nashville, TN 37212 (615) 254-0911 cio@ame-church.com Rev. }
kw: 'mandc,employment,money-management,workplace-issues', }); EVENTS Dr. Maven began his journey into the Christian ministry as a local preacher at the St. John African Methodist Episcopal Zion Church, Mizpah, NJ in July 1978. Dr. Jerome V. Harris, General Officer. The nine-count complaint (2:22-cv-02136) was filed in United States District Court for the Western District of Tennessee in Memphis. The legal action follows the filing of class action suits that alleged the church mishandled the pension funds, withone claiming a sum of at least $90 million is missing. Necessary cookies are absolutely essential for the website to function properly. Your email address will not be published. color : "#ffffff"
The church also alleges that Harris and others used the plans money for loans, some of which have not been repaid. div_id: 'div-gpt-ad-rightrail-1', one claiming a sum of at least $90 million is missing, More than $90 million missing from AME pension funds, claim class-action lawsuits, Report: AME Church suspends payments to retirees, investigates missing pension funds.
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