NRA’s Financial Status Finally Matches Moral Status: Bankrupt
AG James’ Legal Fight Against NRA to Continue Undeterred
NEW YORK – New York Attorney General Letitia James today released the following statement after the National Rifle Association (NRA) declared it would seek bankruptcy protections in federal court, as well as sought to reincorporate its nonprofit status in the state of Texas:
“The NRA’s claimed financial status has finally met its moral status: bankrupt. While we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight.”
In August, Attorney General James filed a lawsuit against the NRA, Executive Vice-President Wayne LaPierre, and three of LaPierre’s current or former top executives for failing to manage the NRA’s funds; failing to follow numerous state and federal laws, as well as the NRA’s own bylaws and policies; and contributing to the loss of more than $64 million in just three years for the NRA. The suit was filed against the NRA as a whole, LaPierre, as well as former Treasurer and Chief Financial Officer Wilson “Woody” Phillips, former Chief of Staff and the Executive Director of General Operations Joshua Powell, and Corporate Secretary and General Counsel John Frazer.