MEMPHIS, Tenn. — Documents filed in federal court late Wednesday show the United States Securities and Exchange Commission is investigating Global Ministries Foundation.
Bondholders sued GMF-Warren/Tulane back in May.
As part of that lawsuit, the judge appointed a receiver, Don Shapiro of Foresite Realty Management, to take over at the two properties.
WREG obtained a copy of a July 18th letter sent to Shapiro from the SEC Enforcement Division.
It reads in part:
“We believe you may possess documents and data that are relevant to an ongoing investigation being conducted by the staff of the United States Securities and Exchange Commission.”
It listed “potentially relevant” documents as those created on or after June 1, 2010, that “were created, modified or accessed by Reverend Richard L. Hamlet, Alan Swafford, Dr. Thomas Stoval, Natalie Metcalf or Nancy Hall.”
Records show those individuals listed as board members for Global Ministries. Natalie Metcalf is an employee.
The letter goes on to ask Shapiro to “preserve” and “retain” evidence related Global Ministries Foundation, GMF-PAC, and HUD, along with the Warren and Tulane Apartments.
The document also references the Memphis Health, Educational and Housing Facility Board and the $11.8 million dollar tax-exempt bonds used to finance the Warren-Tulane project.
A SEC spokesperson declined to comment.
Meanwhile, a GMF spokesperson told WREG via email, “GMF will continue to fully cooperate with the government’s investigation as called upon.”
Last week federal agents raided GMF’s Cordova headquarters along with an appraiser’s office in Missouri.
Agents executed search warrants related to an investigation with the Office of Inspector General U.S. Department of Housing and Urban Development.
