The Foundation for New Era Philanthropy was a notorious Ponzi scheme that operated from 1989 until its collapse in 1995 after having raised over $500 million from 1100 donors and embezzled $135 million of this. Most of the money was stolen from Christian religious organizations and charities in the Philadelphia, Pennsylvania area. The scheme was publicly discovered by an accounting teacher at a college in Michigan and by the auditing firm Coopers & Lybrand working with its client, a local religious college in Los Angeles who suffered no loss in its participation. {{citation needed}date=September 16}}
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