Larry Jones claims funds were mismanaged

Larry Jones made the accusation this week in the latest legal filing in his wrongful-termination lawsuit against the charity and five directors.

He alleges directors neglected to oversee mutual funds, corporate bonds, government securities and other investments.

"You can’t stand idly by,” attorney Mark Hammons said. "The contention is that the board members — despite the pretty dramatic problems with the stock market — simply did not do anything to address those financial problems.”

The charity lost about $9.6 million between June 30 and Oct. 31, 2008, according to a draft accountants’ report.

A charity spokesman said, "Feed The Children remains financially strong and viable. Mr. Jones’ claims are unfounded.”