Jewish Charities Hit by Alleged Investment Fraud

NEW YORK (AP) - Jewish charities and investors are prominent
among those allegedly duped in one of Wall Street's biggest Ponzi
schemes.

Those who sank cash into Bernard Madoff's investment pool include the Robert I. Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel. The foundation let go of its staff after revealing that the money for its operations was invested with Madoff.

The 70-year-old Madoff, a former chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50
billion scheme to defraud investors.

The Wall Street Journal says Yeshiva University and the Elie Wiesel Foundation for Humanity also were exposed to the alleged fraud.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WTVY-TV 285 N Foster Street Dothan, AL 36303 334-792-3195
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 36250674 - wtvy.com/a?a=36250674