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]
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]
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]
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]
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]
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]
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]
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]