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Friday, February 26, 2010

Grand Jury Investigating Fraud at Show-Me Institute, "Substantial Misuse of Funds"

Posted By on Fri, Feb 26, 2010 at 12:44 PM

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Daily RFT exclusive:

A conservative think tank often critical of the way public agencies and government manage money is having "substantial financial problems" of its own. Daily RFT has confirmed that a significant sum of money -- possibly hundreds of thousands of dollars -- is missing from the Show-Me Institute.

Crosby Kemper III, chairman of the institute, acknowledges that the Show-Me Institute is suffering a "substantial misuse of funds" that he categorizes as "almost certainly fraud."

Returning a call to Daily RFT this morning, Kemper says, "I've talked to our lawyer today, and the case is still in grand jury, so there's not a lot I can say at this point."

Rex Sinquefield
  • Rex Sinquefield
Show-Me Institute was founded by Rex Sinquefield, a wealthy investor who's leading petition drives to eliminate the state income tax and St. Louis City earnings tax.

Dave Truman, assistant prosecutor with St. Louis County, says his office has had the case for a few weeks, but has yet to issue charges against the individual.

Sources tell Daily RFT that the person behind the alleged embezzlement is a former manager with the firm who was let go in the last couple months.

Attempts to reach the former employee were unsuccessful. We are withholding the name until/when charges are filed.

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