from NBC New York:

Children’s Charity Loses Millions on Real Estate

Kars 4 Kids is known for a radio jingle that promises the proceeds from donated cars will go to fund charity programs for children. But the News 4 I-Team has learned the nonprofit has used a significant portion of donor funds to invest in risky real estate ventures that appear to have nothing to do with cars or kids.

Financial statements for two nonprofits associated with Kars 4 Kids show the charity lost more than $5 million on real estate investments in 2010.

In the same time frame, Kars 4 Kids spent about $6 million on programs for children.