KNOXVILLE (WATE) – Cancer Fund of America is going out of business.

According to documents obtained by CNN, for the time being, Cancer Fund of America president James Reynolds Sr. has agreed to close the non-profits doors and let a court-appointed receiver operate the charity. The agreement is not yet binding because the attorneys general have to sign off in writing.

The non-profit was recently listed as the second worst charity in America in a report by Tampa Bay Times. The report found the charity raised $86.8 million by solicitors in 2013, but only about one percent, or $868,000, of that money was spent on aid.

“While Cancer Fund provides care packages that contain shampoo and toothbrushes, the people in charge have personally made millions of dollars and used donations as venture capital to build a charity empire.” -Tampa Bay Times

The closure follows a $187 million lawsuit filed against James Reynolds Sr., his ex-wife, Rose Parks, who ran Children’s Cancer Fund of America, their son, James Reynolds Jr., who ran The Breast Cancer Society, and a fourth man, Kyle Effler who operated Cancer Support Services.

“Some charities send children to Disney World,” South Carolina Secretary of State Mark Hammond said at a Washington, D.C., news conference when the complaint was announced. “These charities sent themselves to Disney World.”

In an earlier court document filed by the FTC, it alleged that James Reynolds Sr. “at every turn has demonstrated that he places self-interest above charitable interests and spends charity assets accordingly.”

The FTC last summer said its action was “historic” because it was the first time the government had mounted a nationwide action against a charity it said was fraudulent.

Neither James Reynolds Sr., nor his attorney responded to requests for comment on the tentative agreement.