"Ninety charities lose $113m" in Madoff's alleged Ponzi scheme
Howard Lake | 17 December 2008 | News
“Virtually all or most, of the investment funds of more than 90 American grant making trusts and foundations have been lost” in the giant Ponzi scheme that Bernard Madoff is alleged to have perpetrated, according to Tina Baker, Major Gifts Consultant at Fundraising Advisors.
The figure of $113 million losses is “information taken from documents seized at the time of Madoff’s arrest”.
Baker reports that two US foundations have already announced that they will have to close, given the amounts they have lost. The Chais Family Foundation and Lappin Charitable Foundation lost over $8m between then.
She lists other American foundations that have lost large sums in the alleged fraud: “LA Jewish Community Foundation $44m, JEHT $26m, Shapiro $12m, RM Beren $3m, Gottesman $15.8m and Gurwin $1.2m”.
EJewishPhilanthropy have been reporting on the losses experienced by Jewish world charities affected by the alleged fraud. According to their latest update, these include “Yeshiva University – now appears to be between $100-110 million; Jewish Federation of Greater Washington – $10 million; Ramaz School – $6 million”.
www.fundraisingadvisors.co.uk/page26.htm
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.