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.
not that it matters, page-2
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