February 02, 2012
A federal judge in Mississippi has dismissed a complaint against the Vatican, brought by insurance commissioners in connection with an elaborate financial scheme conducted by a man who had no connection with the Holy See.
The insurance commissioners of Mississippi, Tennessee, Missouri, Oklahoma and Arkansas brought their complaint against the Vatican in 2002, after a man named Martin Frankel took funds from insurance companies in a complicated financial scheme.
Frankel, working under a pseudonym, claimed that he was a “financial advisor” to the Vatican, and set up a foundation which he claimed had the personal authorization of the late Pope John Paul II. With those bogus credentials he managed to manipulate insurance companies.
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