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Richard J. Stephenson (born c. 1940) is an American entrepreneur, businessman, and the founder and chair of Cancer Treatment Centers of America (CTCA). He is active in conservative politics.[1]
Early life and education
editStephenson was born in Sheridan, IN. He graduated in 1962 from Wabash College and, while earning his J.D. degree from Northwestern University,[2] he established International Capital Investment Company (ICIC), where he still serves as chairman.[2]
Business career
editInvestment Banking
editPrior to founding CTCA, Stephenson developed a career as an international merchant banker.[2] News reports indicated that by 1966, he was a trustee of Americans Building Constitutionally, which helped the wealthy set up not-for-profit corporations and personal trusts to avoid taxes. In 1969, he pleaded no contest to misdemeanor charges and testified for the government against the leaders of the group.[3]
Zion-Benton Hospital
editIn 1975 he was one of a number of investors who bought Zion-Benton Hospital in Zion, Illinois, renaming it American International Hospital. Local press reports at the time indicated the hospital was using unproven cancer treatments.[3]
Cancer Treatment Centers of America
editThis section is written like a story. (July 2021) |
Following his mother's death from cancer, Stephenson made a promise to change the face of cancer care. He and his family founded CTCA in 1988 to fulfill that promise.[4][5]
Affiliations
editThe Gateway for Cancer Research (Chicago), Assistance in Healthcare Foundations (Chicago, Tulsa, Philadelphia, Atlanta, Phoenix), International Capital Investment Company (Chicago), International Capital & Management Company (St. Thomas), Center For Learning (St. Thomas), International Private Bank (St. Croix), Stephenson Family Foundation, Celebrate Life Foundation, Cancer Nutrition Centers of America, Inc., Barrington Saddlery, L.L.C., and is a founding board member: FreedomWorks (Washington), RCP Advisors (Chicago), Sheridan Capital Partners, LLC (Chicago), Brown Legacy Group (Chicago), et al.[citation needed]
Philanthropy
editIn 1991, Stephenson founded Gateway for Cancer Research, which to date has raised more than $85 million to fund more than 170 clinical trials around the world.[6] Gateway spends 99 cents of every dollar donated to directly support research.[6][7]
Gateway hosts an annual gala to raise funds for cancer research; in 2019 it raised $4.2 million.[8] The funds raised at the event went to support Phase I and Phase II clinical trials for all cancer types.[9]
In 1993, Stephenson founded Assistance in Healthcare (AIH). AIH provides financial support to patients undergoing active cancer treatment. They provide assistance for non-medical expenses. AIH has chapters in Zion, IL, Tulsa, OK, Philadelphia, PA, Goodyear, AZ, and Newnan, GA.[10]
In 2017, after the United States Virgin Islands was devastated by Hurricanes Irma and Maria, he donated $5 million to relief efforts through the Stephenson Family Foundation.[11]
In 2018 and 2019, Stephenson co-chaired Childhelp's annual gala with his wife, Dr. Stacie Stephenson, raising $4.3 million.[12] Childhelp is the "nation's oldest and largest non-profit organization advocating for abused and neglected children."[12] The funds raised go towards helping at-risk youth and supporting Childhelp programs, including advocacy centers, foster care, group homes, and education and training programs.[12]
Politics
editIn 2012, he served on the three-man board of the conservative group FreedomWorks. In the run-up to the 2012 United States presidential election, Stephenson funneled $12 million to the group through various firms designed to hide the origins of the money. In late 2012, Stephenson agreed to pay $400,000 a year for twenty years to FreedomWorks provided former House majority leader Dick Armey left his position as chairman of the conservative group.[1]
The Associated Press reported that Armey agreed to resign by November 2012 in exchange for $8 million in consulting fees paid in annual $400,000 installments.[13]
References
edit- ^ a b FreedomWorks tea party group nearly falls apart in fight between old and new guard, by Amy Gardner, Washington Post, 26 December 2012
- ^ a b c "Austrian Economics Center awards Richard J Stephenson Hayek Lifetime Achievement Award". Daily Independent. 21 November 2019.
- ^ a b Begley, Sharon; Respaut, Robin. "Special Report: Behind a cancer-treatment firm's rosy survival claims". Reuters. Retrieved 25 July 2021.
- ^ McLean, Bill. "Birth of a Philanthropist". Forest & Bluff Magazine.
- ^ "Founder and Chairman of Cancer Treatment Centers of America, Richard J Stephenson, to Receive 2017 Horatio Alger Award". Patch.com. 7 March 2017.
- ^ a b "Gateway for Cancer Research Announces Scientific Partnership with Conquer Cancer, the ASCO Foundation". BusinessWire (Press release). 3 June 2019.
- ^ "Cancer survivor talks how clinical trials helped during cancer fight". ABC 7 Chicago.
- ^ Bertagnoli, Lisa. "Chicago's highest-netting galas".
- ^ Ryan, Kemmie. "Cures Gala: Gateway Studio 54". Country Barrington Style & Substance.
- ^ Boehm, Jennifer. "Stephenson family donates $5 million to U.S. Virgin Islands hurricane relief". Sun Sentinel.
- ^ "Childhelp Diamond Jubilee Gala Raised $4.3M". Patch.com.
- ^ a b c "Childhelp Kicks Off 60th Anniversary at Annual Drive the Dream Gala". BusinessWire (Press release). 16 January 2019.
- ^ "Tea party group chief quits, cites internal split". The Seattle Times. 4 December 2012.