01
Commingling
The order says restricted and unrestricted funds were commingled in at least one account and that donor-advised funds were not routinely deposited into separately identified accounts.
Georgia Case ENCH-250581
The $10 Billion Question.
Georgia's Secretary of State investigated SDG Impact Fund, Inc. and Anthony “Tony” Suber and issued an emergency cease-and-desist order in June 2026. The order describes alleged commingling, personal transactions, donor complaints, related entities, and a continuing trail of bank activity. This project organizes the public record—and separates government findings from the surrounding publicity network.
Primary source: Georgia Secretary of State • Charities Division • Case ENCH-250581
Read the order breakdown ↓
What the regulator says
The Georgia findings are the center of the story.
Rather than relying on internet accusations, this site anchors its reporting in the Secretary of State's own 25-page order and related public records.
02
Transfers outside charity
Georgia says donor-advised fund money was allowed to move to for-profit entities, investments, employees and contractors in circumstances it characterized as non-charitable.
03
Personal transactions
The order details payments it says involved a vehicle dealership, a Louisiana property, private-school tuition, credit cards, travel, retail and other personal expenses.
04
Closing—and continuing
The order says donors were told the fund was concluding operations while bank transactions continued, and says SDGIF appeared to operate as SDG Global.
Read the Government Record
Primary documents, not screenshots without context
The Investigation Opens
Page 1 identifies SDG Impact Fund, Inc. and Anthony Suber as respondents in Case ENCH-250581 and states that the Secretary caused an investigation to determine compliance with Georgia's Charitable Solicitations Act.
The Personal-Transaction Findings
The order says donor funds were used in connection with a Louisiana property owned by Suber and reports payments to a private college-preparatory school attended by two of his children.
The Order
The Secretary ordered cease-and-desist relief, barred specified charitable activity, and imposed a $100,000 joint-and-several civil penalty.
The Money Trail
Numbers that deserve context.
These are examples drawn from Georgia's findings. The site should link each figure back to the underlying page so readers can distinguish what the regulator found from interpretation.
- $733,000Georgia says this amount was wired from the “86 Fund Account” with memos referencing “SDG Impact Labs Investment,” largely to a Chinese smart-electric-vehicle manufacturer.
- $2.52M+The order says at least 90 transactions went to SDGIF's secretary/executive administrator from October 2021 to June 2025.
- $1.08M+The order says two former board members received this amount from the 86 Fund Account, with many transaction memos referencing “commissions.”
- $199,500Georgia says this amount moved from the 86 Fund Account to an account owned by Suber and his wife between October 2024 and August 2025.
The Credibility Network
Before the enforcement action, there was a powerful story of legitimacy.
The surrounding public record included high-profile media coverage, United Nations-adjacent events, blockchain marketing, brand-name references, and “impact” language. Those associations matter because they help explain how credibility was constructed—but they should not be misread as evidence that every company, publication, event organizer or brand mentioned was involved in wrongdoing.
Editorial rule: Forbes, Red Bull and the Austrian National Tourist Office are presented here as part of the historical publicity context. Georgia's order does not accuse those organizations of misconduct in the SDG Impact Fund matter.
Adbank's ICO received mainstream business coverage.
Forbes profiled Kelsey Cole as an Adbank cofounder and reported that Adbank raised about $14 million within 30 days during its ICO campaign.
A real brand-name pilot became part of Adbank's credibility story.
A 2018 release said the Austrian National Tourist Office piloted Adbank technology and that Red Bull Media House supplied publisher inventory through Bergwelten.
Adbank later promoted a connection to the SDG Impact Fund.
Adbank's own blog said it sponsored the SDG Impact Fund and described Kelsey Cole's participation in a Frontier Finance event during UN General Assembly week.
Association is not accusation.
The investigative question is how these names and events were used in the credibility narrative—not whether outside brands endorsed later conduct described by Georgia.
Separate Document Trail
Adbank: the securities filing that raises another jurisdiction question.
A Canadian securities distribution filing reviewed in this investigation lists three purchasers in the United States receiving approximately CAD $534,593.42 of securities, out of roughly CAD $1.27 million distributed to 15 purchasers. The filing's U.S. row identifies the exemption as “Other,” with the description that the distribution did not take place in Canada.
This does not establish that Adbank funds were transferred to SDG Impact Fund. We currently treat the Adbank material as a separate documentary thread involving overlapping people, promotion and later SDG Impact Fund publicity. Any direct money-flow connection should be published only if supported by records.
Our reporting should also distinguish the Canadian filing from promotional statements concerning U.S. participation in the ICO and present both documents side by side.
SUMMARY OF DISTRIBUTION BY JURISDICTION
Alberta1 purchaserCAD $5,000.00
British Columbia2 purchasersCAD $10,768.32
Ontario9 purchasersCAD $720,542.21
United States3 purchasersCAD $534,593.42
Total15 purchasersCAD $1,270,903.95
Other exemption: “The distribution did not take place in Canada.”
Who’s Who
People, entities, regulators and documented relationshipsRespondent / Executive Director
Anthony “Tony” Suber
Georgia's order identifies Suber as Executive Director, Board Chairman and the self-reported sole board member of SDG Impact Fund. Corporate filings cited in the order also list him in multiple officer and registered-agent roles.
Georgia order respondentFormer Officer / Development
Bryan Doreian
The Chronicle of Philanthropy reported that Doreian, an officer of SDG Impact Fund and a developer in the PIVX ecosystem, was sentenced to one year in prison in December 2024 for tax evasion involving crypto gains. The Chronicle specifically reported that the charges did not directly relate to his SDG Impact Fund work.
Separate criminal caseAdbank / Marketing Context
Kelsey Cole
Forbes profiled Cole in connection with Adbank's ICO and described her role in its fundraising campaign. Archived Adbank material later tied her public profile to SDG-related events and SDG Impact Fund sponsorship.
Context — not Georgia respondentEarly Fund Leadership
Amber Nystrom
Associated Press reporting identified Nystrom as one of the people who founded the organization that became SDG Impact Fund. Her role belongs in the historical formation timeline, separate from Georgia's later enforcement findings.
Historical leadershipEarly Fund / Crypto Context
Colborn Bell
AP identified Bell as a founder-director of the Museum of Crypto Art and one of the people associated with the fund's early crypto-oriented development.
Historical contextFormer Board
Vincent Molinari
The Chronicle's 2025 reporting identified Molinari among former board members who no longer appeared on the fund's then-current website and did not respond to its interview requests.
Former board contextRegulator
Georgia Secretary of State
The Securities and Charities Division conducted the investigation underlying Case ENCH-250581. The June 2026 order contains the government's findings, legal conclusions and administrative sanctions.
Primary government sourceDonor / Witness in Media
Bertram Meyer
WSB-TV interviewed Meyer in its July 2026 report about the Georgia action. The site treats donor accounts as attributed testimony and keeps them distinct from regulator findings.
Media-source testimonyEntity Map
Family Promise of Bartow County
renamed →
Fifth Element Fund, Inc.
Fifth Element Fund, Inc.
renamed →
SDG Impact Fund, Inc.
SDG Impact Fund, Inc.
Georgia says appeared to operate as →
SDG Global / SDG Global Impact Fund
SDG Impact Fund
shared address / transactions cited →
SDG Impact Labs • The Lavette Group • Denan Media • SDG Philanthropic Services
Adbank
publicity / overlapping-person context →
Kelsey Cole • SDG-related event publicity
Adbank ICO Archive
The pitch, the publicity, the filings.
The Adbank material belongs on the site as a separate documentary track because it captures the public-facing campaign that surrounded the ICO: the explainer video, Forbes coverage, team positioning, public marketing claims, and later securities-filing questions.
The uploaded investigation file itself records the ICO video URL, the Forbes profile, references to other Adbank videos, screenshots of the founding team, investor chats, and the later Canadian securities-filing issue. The site treats allegations in that investigation file as allegations unless independently verified.
Editorial standard: The Adbank investigation PDF contains both source material and the author's accusations. This page publishes the underlying links, screenshots, filings and verifiable chronology, but does not automatically adopt every accusation in the PDF as fact.
How Female Founders Help ICO Campaigns Succeed
Forbes profiled Kelsey Cole as an Adbank cofounder, discussed how the team built credibility for the ICO, noted that an SNL writer worked on the explainer video, and reported that Adbank raised about $14 million in 30 days.
Read Forbes ↗Adbank, the Austrian tourism pilot and the viral-video story
The uploaded investigation file cites a September 2018 Forbes story about Adbank's viral video and the Austrian National Tourism Office. The original Forbes URL was not preserved in the file, so this card flags it for archival recovery rather than inventing a link.
Search archival result ↗Kelsey Cole and SDG Impact Fund publicity
An archived Adbank Medium post tied Cole's public profile to SDG-related events and described Adbank as a sponsor of the SDG Impact Fund.
Open archive ↗Additional Adbank video
The investigation file also preserves an older Adbank YouTube link associated with the campaign archive.
Open video ↗The Beard Club partnership video
The uploaded file preserves another Adbank-related YouTube link in the section discussing The Beard Club and investor promotion.
Open video ↗U.S. purchasers appear in distribution filing
The separate securities document reviewed for this project lists three United States purchasers and approximately CAD $534,593.42 in distributions to them.
See filing analysis ↓Primary project file
Adbank Investigation Notes
48-page working investigation file containing source links, screenshots, archived marketing materials, team images, investor chat captures, Adbank/SDG references and the ICO video link. Because it mixes evidence with advocacy and allegations, it should be displayed as a research file rather than treated as an adjudicated record.
Open uploaded PDFKey pages in uploaded file
What to surface on the site
Pages 4–6: PIVX / Kelsey Cole material and Forbes link.
Pages 9–10: Adbank ICO, Austrian tourism / viral-video discussion, and the e6vrlODdRgQ ICO video.
Pages 11–12: investor/video material and Celsius/SDG references.
Page 15: Adbank-to-SDG theory and SDG asset-growth table.
Watch the Story
Broadcast, archival and promotional videoWSB Atlanta • Haystack News
Georgia charity claiming $10B in assets barred after donor fund misuse allegations
Haystack identifies the clip as a 2:59 WSB Atlanta report. Because Haystack's player does not reliably permit third-party iframe embedding, this button opens the publisher's hosted video directly.
Watch on Haystack ↗The Georgia TV investigation
Use this as the lead broadcast clip because it gives the story a human voice: regulator, donor, subject response and expert commentary in one segment.
YouTube Embed Slot
Adbank / ICO archive video
The site is now structured to support native YouTube embeds. A relevant archived Adbank investigation source references YouTube video ID 1MBn960MAkA. Keep this slot only after verifying the video's title and publisher.
Subject's Own Words
Tony Suber on SDG Impact Fund
Archive and embed public interviews or presentations where Suber explains the fund's mission, asset model or donor-advised fund structure. The strongest documentary treatment lets viewers compare public statements with later records themselves.
Embed Standard
No commentary over the clip.
Place a source/date label above each video and a short “Why this matters” note below it. Let the original video remain intact.
The Newsroom
The story escaped the filing cabinet.
Major philanthropy reporting first raised questions about SDG Impact Fund's extraordinary asset growth. Donors later described unanswered grant requests. In July 2026, Georgia television put the regulator, a donor, and Suber's written response into the same broadcast story. Days later, philanthropy coverage followed the story into Wyoming.
Why this matters
Reading the coverage chronologically is more revealing than reading one article in isolation. The public narrative moves from “How did this little-known charity report $10 billion?” to “Where did donor money go?” and then to “What happened after Georgia barred the fund?”
Editorial note: Links below go to independent publishers or primary government sources. Their reporting and wording are their own.
Associated Press / Chronicle of Philanthropy
The $10 billion charity no one has heard of
The first major national examination of SDG Impact Fund's dramatic rise from roughly $238 million in reported assets in 2020 to $10 billion in 2021, including questions about noncash gifts, crypto, NFTs and low grantmaking relative to claimed assets.
Read original coverage ↗
Local 12 / National syndication
The $10 billion charity no one has heard of
A syndicated version of the national philanthropy investigation, helping move the story beyond specialist nonprofit audiences.
Read syndicated coverage ↗
The Chronicle of Philanthropy
Donors Say They Were Ghosted by a $10 Billion DAF
The story shifted from unusual tax filings to donors themselves. The Chronicle reported that multiple donors said communications and grant requests went unanswered and that money they expected to reach charities had not been distributed as intended.
Read Chronicle investigation ↗
WSB-TV Channel 2 Action News TV
Georgia charity claiming $10B in assets barred after donor fund misuse allegations
Consumer Investigator Justin Gray interviewed Secretary of State Brad Raffensperger and donor Bertram Meyer. WSB-TV also published Suber's written defense and confirmed an active Georgia Attorney General investigation involving Suber.
Watch / read Georgia TV report ↗
WBHF Radio • Cartersville
Cartersville Charity Barred After $10B Fund Misuse
Local coverage brought the enforcement action home to Cartersville and summarized the alleged tuition, travel, credit-card and real-estate transactions described by the state.
Read local report ↗
The Chronicle of Philanthropy
Mysterious $10 Billion Crypto DAF Barred in Georgia, Appears to Re-Emerge in Wyoming
The Chronicle followed the story after Georgia's action, reporting that a similarly named organization received tax-exempt status and was incorporated in Wyoming—raising questions about interstate charity oversight.
Read follow-up investigation ↗
Nonprofit Brief
How to Vet a DAF Sponsor: The SDG Impact Fund Case
A sector-focused explainer uses the Georgia case to discuss how nonprofits can evaluate donor-advised fund sponsors and the risks when a sponsor fails.
Read sector analysis ↗
Georgia Secretary of State
Emergency Order to Cease and Desist and Imposition of Civil Penalty
The primary enforcement record. It contains the state's findings of fact, conclusions of law, cease-and-desist provisions, bars on charitable activity and the stated $100,000 joint-and-several civil penalty.
Read the government order ↗
ProPublica Nonprofit Explorer
SDG Impact Fund tax filings and nonprofit data
A useful independent portal for reviewing Form 990 information, compensation entries, organization details and the fund's historical public filings.
Explore tax records ↗
The 15-minute version
Read it in this order.
The sequence turns a complicated multi-year story into a clear narrative arc.
Document Vault
The source material behind the reportingEmergency Cease-and-Desist Order
Case ENCH-250581. Findings, conclusions of law, sanctions and hearing notice.
Open record ↗Form 990 Archive
Historical nonprofit filings showing reported assets, grants, officers and donor-advised fund information.
Open ProPublica ↗Adbank Distribution Filing
Canadian filing showing distributions by jurisdiction, including three U.S. purchasers and CAD $534,593.42.
View analysis ↓Independent Reporting Archive
AP, Chronicle of Philanthropy, WSB-TV, WBHF and other coverage organized chronologically.
Open newsroom ↓The Timeline
Build this as the site's permanent spineFrom Family Promise to SDG Impact Fund
Georgia's order traces name changes from Family Promise of Bartow County to Fifth Element Fund and then, in March 2019, to SDG Impact Fund, Inc.
Adbank ICO and mainstream publicity
Adbank launched an ICO. Forbes reported roughly $14 million raised within 30 days and profiled Kelsey Cole's role in the campaign.
Adbank, Red Bull Media and SDG publicity converge
Adbank publicity described an Austrian tourism pilot involving Red Bull Media House and separately promoted Adbank's sponsorship of the SDG Impact Fund around UN General Assembly week.
Reported assets reach roughly $10 billion
Tax filings reviewed in the broader investigation reported a dramatic increase in SDG Impact Fund assets, placing the organization in an unusually large financial category for a little-known charity.
Donor complaints, closing communications and continuing transactions
Georgia says it began receiving donor complaints in March 2025. The order recounts an April 30 email stating that SDG Impact Fund would conclude operations, followed by additional bank activity.
Georgia issues cease-and-desist order
The Secretary of State entered the emergency order in Case ENCH-250581, including the $100,000 civil penalty and bars on specified charitable activity.
Responses, Corrections & Method
A permanent part of the investigationRight of Response
People and organizations named in this project should have a visible path to provide documents, corrections or substantive responses. When practical, publish significant responses alongside the article they address rather than burying them.
What happens next?
Add a dedicated response archive as replies arrive, with dates and links to the reporting being challenged.
Corrections Standard
Correct factual errors prominently. Preserve an update note showing what changed and when. Do not silently rewrite material facts after publication.
Evidence labels
Use three visible labels throughout the project: GOVERNMENT FINDING • PUBLIC RECORD • UNVERIFIED LEAD.
How We Publish This Story
Credibility comes from disciplined attributionGovernment finding
When Georgia says something, we write “Georgia found,” “the order states,” or “the Secretary alleged/concluded”—and link the exact page.
Independent document
Securities filings, tax returns, corporate records and archived marketing are labeled by source and kept separate from the Georgia findings.
Unproven theory
Connections we are still investigating are labeled as questions or leads. We do not turn overlap, association or chronology into a factual accusation without evidence.
Core external sources:
Georgia Secretary of State Charities Division enforcement actions; Georgia Emergency Order ENCH-250581; Forbes (May 30, 2018) on Adbank's ICO; Adbank's archived Medium posts; 2018 Austrian National Tourist Office / Adbank release concerning Red Bull Media House; Canadian securities distribution filing reviewed by this project.
Claims vs. Records
Keep the public narrative separate from the documentary recordWhat was represented publicly
Scale
The fund publicly described itself as a donor-advised fund supporting the U.N. Sustainable Development Goals and reported roughly $10 billion in assets in IRS filings.
Control
Suber's written response to WSB-TV emphasized that the organization retained final decision-making authority over grants and investments.
Closing
Georgia's order recounts an April 30, 2025 communication telling select donor advisers that the fund would conclude operations during fiscal year 2025.
What the public record shows
Grantmaking
Independent philanthropy reporting questioned the relatively small amount of reported grants compared with the fund's claimed asset base.
Transactions
Georgia's order describes commingling, loans, for-profit transfers and personal transactions that the Secretary concluded violated state charitable-solicitation law.
After closing message
The order says transactions continued after donors were told the fund was concluding and says SDGIF appeared to operate as SDG Global.
The Receipt
Private-school payments: approximately $171,618
Georgia's order states that between January 2022 and at least July 2025, approximately $171,618 was paid from the 86 Fund Account to a private college-preparatory school in Atlanta attended by two of Suber's children. Every “Receipt” module on this site should identify who made the finding and point readers to the underlying record.
See the source page ↑Documentary in Development
The SDG Impact Fund
A documentary investigation into billions in reported charitable assets, the donors who started asking questions, the public image that surrounded the fund, and the government paper trail that followed.
Explore the evidence