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Foundation for children buys luxury home

Dan Stockman of The (Fort Wayne, Ind.) Journal Gazette used business and property records to show that an Indiana foundation set up to benefit children and schools "has been used to buy a luxury vacation home in an exclusive neighborhood where an advertisement says 'the fortunate few' will 'live where everybody wants to play.'" Directors of the Olin B. and Desta Schwab Foundation refused to answer questions about the organization's spending. The original Indiana foundation "has been merged into a Nevada non-profit of the same name, and the Indiana agency that helped students choose vocations for more than 15 years was dissolved. Its assets — the millions Schwab left behind — are property of the Nevada foundation." The paper's story has led to a state investigation.

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