The Federal Reserve is looking into potential connections between the Dream Exchange and the Church of Scientology, following allegations from a whistleblower regarding the misuse of investor funds.
In the past few weeks, the Securities and Exchange Commission (SEC) has spoken to former employees of Dream Exchange as the company seeks approval to operate as a stock exchange. Reports from unnamed sources in The Wall Street Journal indicate that officials from the SEC’s Chicago office are probing the company’s purported connections to Scientology.
This investigation, which is still in its early stages, was prompted by an article highlighting concerns about Dream Exchange earlier this year. An anonymous whistleblower came forward with a complaint to the SEC in February, detailing incidents where employees were encouraged to volunteer for the church.
Reportedly, Joe Cecala, founder and CEO of the company, is associated with Scientology and has made significant donations to the organization. According to the report, funds from Dream Exchange LLC have been funneled into accounts controlled by Cecala’s parent company, contributing tens of thousands of dollars monthly to Scientology groups.
The Dream Exchange claims to empower Black and minority-owned businesses by facilitating stock listings and connecting them with investors.
A lawyer for Dream Exchange, Dan K. Webb, stated that the allegations against the company and its founders are inaccurate and unjustified.
Efforts to reach the Church of Scientology for comments have been made, though a spokesperson from the SEC declined to provide any remarks.
Scientology, founded in 1954 by science fiction writer L. Ron Hubbard, has faced scrutiny from several foreign governments, including France and Germany, which have categorized it as a cult. Critics have accused the organization of employing aggressive tactics against individuals attempting to leave the church or speak out against it.
Notably, among its followers are high-profile celebrities like John Travolta and Tom Cruise.
