A pair of sham charities agreed to shut down and cough up millions of dollars they bilked from big-hearted donors, under a deal announced Wednesday by state prosecutors and federal regulators.
Cancer Funds of America Inc. and Cancer Services Inc. agreed they “will be permanently closed and their assets liquidated,” according to a state from Attorney General Eric Schneiderman.
Charity head James Reynolds and both organizations will have to fork up $75.8 million to a court-appointed receiver.
“The judgment against Reynolds will be suspended upon surrender of certain artwork, two pistols, and sale of a pontoon boat,” according to prosecutors. “The full judgment will become due immediately if Reynolds is found to have misrepresented his financial condition.”



