Franciscan Order On Verge Of Bankruptcy After Financial Fraud Uncovered

[hrmjustin]

Interfaith room

Religion News Service By Josephine McKenna


VATICAN CITY (RNS) One of the largest Franciscan religious orders, founded on the humble teachings of St. Francis of Assisi more than 800 years ago, announced it is on the brink of bankruptcy after admitting some of its friars embezzled funds from its accounts.

The Italian news magazine Panorama on Friday (Dec. 19) reported that tens of millions of dollars were missing from the Order of Friars Minor and had been invested in offshore companies.

Panorama also claimed Swiss prosecutors had seized Franciscan accounts in Switzerland because the account holders had allegedly invested in illegal operations that could include arms and drug trafficking.


http://www.huffingtonpost.com/2014/12/19/order-of-friars-minior-fraud_n_6355532.html


Heartbreaking to see this.

[rug]

1. So much for Lady Poverty.

http://www.oxfordscholarship.com/view/10.1093/0195158083.001.0001/acprof-9780195158083-chapter-5

The Franciscans have a fascinating history. This branch which was embezzled is the OFM branch. Early on there was a tension between those Franciscans who wanted to work in groups (convents) in the cities and they became the Conventual Franciscans, OFM Conv.

There was another great reform in the sixteen the century among Franciscans who wanted to live the Rule of Francis more rigorously, as they believed it was originally. They became the Capuchin Franciscans, OFM Cap., so named after the longer hood on the habit they adopted, the cappuccio.

It is a shame but it is one episode among hundreds in this vibrant Order.

[hrmjustin]

2. It is a shame that this happened.

We have Episcopalian Franciscans as well.