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9/11 Memorial Sculpture Caught in $30+ Million Fraud Case: Investors Pay the Price
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.
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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