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9/11 Memorial Sculpture Caught in $30+ Million Fraud Case: Investors Pay the Price
- Text size
Marketwire Press Release
June 25, 2009
ATLANTA, GA, Jun 25, 2009 (MARKETWIRE via COMTEX) — A memorial created to honor the fallen firefighters of September 11, 2001, is now part of a $30+ million corporate scandal. The 40-foot bronze sculpture, “To Lift a Nation,” recreates the historic moment when three firefighters raised the American flag at Ground Zero, memorialized in the now world-famous photograph by Thomas E. Franklin. The 15,000-pound sculpture is now for sale, in hopes that a donor or donors will be found to rededicate the memorial in honor of the heroes of September 11. The donor’s acquisition price of this priceless monument is expected to generate proceeds to the receivership of $500,000 to $2 million, which will allow defrauded investors to recoup at least some portion of their losses.
- A d v e r t i s e m e n t
In 2008, an investigation revealed that Coadum Advisors, Inc. fraudulently raised in excess of $30 million from more than 150 investors. Approximately $21 million was wired to Malta and Switzerland, while other funds were used for operating costs and various expenditures, including the purchase of the “To Lift a Nation” memorial sculpture. The sculptor, Stanley J. Watts, was unaware that the project was commissioned with fraudulent funds and is not being charged in the case.
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June 26th, 2009 at 2:01 am
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June 26th, 2009 at 6:39 pm
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June 26th, 2009 at 9:42 am
Well, 9-11 was a scam.
Why wouldn’t some “memorial” to it also be a scam?
What’s $30+ million ripoff compared to the usurping of our Constitution and two phony wars?
And most Americans still think American Idol is important.
When will this nation wake up?
June 26th, 2009 at 11:02 am
Death of the 9/11 truth movement is heralded by “who cares” article about memorial ripoffs.What happened AJ?
June 26th, 2009 at 4:19 pm
Hail master SATAN
June 26th, 2009 at 10:37 pm
I could have created it for 2 million dollars and it would have been outstanding and I would have had a cool million left over just for me to share with family and friends. Government sponsored art is such a freaking joke. Sort of like, um………oh, yeah……….Denver International Airport.
June 27th, 2009 at 7:59 am
“North Texans for 9/11 Truth” has tremendous respect and admiration for the Firefighters and First Responders of 9/11.
“North Texans for 9/11 Truth”, a Dallas area 9/11 Truth Group, supports Fire Fighters and First Responders. Along with Scientists and Engineers for Integrity, this Texas Group of volunteers is sponsoring an event on July 11th in Plano Texas. All Fire Fighters get in FREE!!
Please help to promote this event to Fire Fighters. http://upcoming.yahoo.com/event/2744396
“WHAT YOU ARE NOT SUPPOSED TO KNOW ABOUT 9/11: Building 7 – Gone in 7″
Plano – Conference Center at Collin College, Spring Creek Campus
2800 E Spring Creek Pkwy
Plano, Texas 75074
Saturday July 11, 2009
June 27th, 2009 at 9:41 am
These groups still maintain that there were commercial planes on 9/11. They will focus on EVERYTHING except the planes. They will focus on buildings falling down, the healthcare of people at ground zero, norad, demolitions, countdowns, structural engineering, more investigations……though through it all…..will ALWAYS maintain that there were commercial planes as a basic assumption.
There were no commercial planes on 9/11. The war on terror is based on a lie.
June 28th, 2009 at 1:03 pm
How fitting…fraud on top of 9-11 al-Qaeda-done-it fraud. And, just who were these thieves who did the foul deed? I’ve never come across a perp, went to school with someone or had a patient by the name of “Inc.” Who are they? Who are their friends and associates and where the ‘ell are they?