According to the indictment, Bell directed that the fund take on a $1 million loan from Philadelphia Industrial Development Corp. (PIDC), a quasi-government economic development agency, to help pay for Forbes events. The grand jury also found that Bell had created fictitious sponsorship contracts to try to cover $1 million of the remaining cost. (The third $1 million was written off.) The alleged fake sponsorships led to charges of misapplication of entrusted property and tampering with public records.