Madoff Wall Street fraud threatens Jewish philanthropy
By Gabrielle Birkner and Anthony Weiss, The Forward
Tags: israel news, Jewish World
The arrest of Wall Street trader Bernard L. Madoff, who federal agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world.
Madoff was arrested Thursday for allegedly defrauding his clients of $50 billion in a massive pyramid scheme over the course of several years. He was released on a $10 million bond.
A lawyer for Madoff told the Wall Street Journal: "Bernard Madoff is a longstanding leader in the financial-services industry with an unblemished record. He is a person of integrity. He intends to fight to get through this unfortunate event."
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One charity already closed and insiders are worried that the ramifications of Madoff's financial demise may extend to the many organizations he supported and the wealthy Jews he advised.
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