What you describe involves both criminal and civil fraud. In one aspect what you have is a species of theft. This is the taking of the true value of the property for benefit of the individual. Under CA Penal code section 484 theft includes a fraud to deprice a person of money or personal property. So you have a crime.
You also have a fraud committed on the donors who gave money on the representation that the donation would be used exclusively for the benefit of the organization and its clients, not the personal benefit of a board member. To the extent this board member solicited donations with the intent to carry out this scheme the persons who made the donation have been defrauded.
The organization also has a civil claim for conversion and breach of fiduciary duty against the board member. Conversion is the taking of property owned by another. The taking of the property at the below market price constitutes the converssion. The actions of the board member which not only are illegal (criminal) and unlawful (civil conversion)but also jeopardize the status of the organization as a non profit by engaging in these acts that are for profit
, albeit his own, constute a breach of fiduciary duty.
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