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Abstract: 

Foundation newsletters, magazines, and seminars often warn of the conflict of interest and self-dealing potential inherent in the insulated world of family foundations. A recent $20+ million verdict against two foundation executives brings these principles to life. The story of Attorney General Greg Abbott, on Behalf of the Public Interest in Charity and The Carl B. and Florence E. King Foundation vs. Carl B. Yeckel, Thomas W. Vett, and William Jordan (Cause No 77,995-A in the Probate Court of Travis County, Texas) is a cautionary tale for family foundations that should be required reading for family foundation founders and board members.

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