FOUNDATION’S ASSETS FROZEN
January 9, 2006
A judge has frozen the assets of the Olin B. and Desta Schwab Foundation, a grant-making institution in Fort Wayne, Ind., which has a $7-million endowment, after the group’s leaders fired the paid staff, moved the group to Nevada, and purchased a $1.5-million home in Las Vegas with the foundation’s money, reports the Indianapolis Star. The Indiana attorney general’s office is calling for the immediate resignation of Richard Blaich, the foundation’s board president. Olin Schwab, who died in 1991, established the foundation to help students choose careers.
