$11M Vanishes: Archewell Faces Bankruptcy as Meghan Markle Struggles
Multiple sources are now reporting that the Archewell Foundation, co-founded by Prince Harry and Meghan Markle, has filed for bankruptcy. O…
Multiple sources are now reporting that the Archewell Foundation, co-founded by Prince Harry and Meghan Markle, has filed for bankruptcy.
Over $1 million in donations appears to have gone missing from the nonprofit’s accounts, leaving the organization in significant financial trouble. We’ll break down the explosive allegations and new details surrounding this developing story.
In April 2020, shortly after stepping down as senior working royals, Harry and Meghan announced the formation of Archewell. They described the name as a combination of the Greek word for action and the concept of goodwill.
Through Archewell, the couple aimed to promote compassion and community building, launching partnerships with various organizations focused on racial justice, gender equity, climate change, mental health, and more. Donations poured in from around the world as the public supported Harry and Meghan’s post-royal endeavor.
However, it appears that things went terribly wrong with the foundation’s finances. Just last week, Archewell filed for Chapter 11 bankruptcy protection in California, citing debts exceeding $10 million while only having around $100,000 in available assets.
The bankruptcy filings indicate that potential litigation is expected from creditors seeking to recoup lost funds. This news has sent shockwaves through the philanthropic community, with people questioning where all the donation money went.
According to financial documents obtained by TMZ, not a single listed project or partnership of Archewell ever seemed to receive the funds allocated for them, despite millions being donated for these specific programs and causes. Red flags began to emerge last fall when partner organizations complained that they had not received the promised funding from Archewell.
When questioned, foundation representatives provided vague excuses, citing delays due to COVID-19 and the process of setting up the new nonprofit. Now, organizations are threatening legal action if they do not receive answers and their funds.
One individual close to the situation, who wished to remain anonymous, remarked that it is evident no one truly understood what was happening with the donations. It seems no proper financial controls were put in place. The situation takes a more shocking turn with sources indicating that Meghan Markle herself may be included as a defendant in the expected litigation.
Reports suggest that she was very hands-on in overseeing Archewell’s finances and directing fund allocations. Emails obtained by a law firm preparing a class action suit against Archewell and its leadership reportedly show Meghan personally discussing large transfers of money.
When asked for comment, representatives for the Sussexes insisted that Meghan had nothing to do with the missing funds and was merely an unpaid advisor to Archewell, not responsible for its finances.
However, with so much money unaccounted for, questions arise about her role in the oversight of the foundation. This has led to speculation about potential conspiracy theories, including embezzlement or donations being funneled into Harry and Meghan’s personal lifestyle expenses. It is important to note that none of these theories have been proven at this point.
The allegations are serious enough that the couple may find themselves embroiled in a massive legal quagmire. If true, this scandal would represent a dramatic fall from grace for Harry and Meghan, who could face accusations of fraud and mismanagement in an American courtroom. This situation could also further strain their already fractured relationship with the royal family.
The timing of this fiasco is particularly unfortunate, coming just months after the couple signed lucrative deals with Netflix and Spotify, valued at over $100 million.
The stain of missing Archewell donations threatens to taint their brand and business partnerships, as well as damage their goals of establishing themselves as global humanitarian leaders. The star power and public goodwill they have cultivated are at risk of being overshadowed by allegations of financial negligence and deception.
As for Meghan, questions are being raised about whether her royal title is still appropriate or if she retains the prestige of being a duchess while facing fraud accusations.
Reports suggest that British tabloids are already publishing scathing headlines, with one tabloid even dubbing her the “Duchess of Deception.” Clearly, this scandal has significantly tarnished her reputation on both sides of the Atlantic.