Richard J Stephenson
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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[edit]
Stephenson 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[edit]
Investment Banking[edit]
Prior 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[edit]
In 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[edit]
 | This 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[edit]
The 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[edit]
In 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 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[edit]
In 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.