OKLAHOMA CITY (AP) - The Madoff investment fraud has reportedly
led to $1.4 million in losses for the Baptist Foundation of
Oklahoma, including $600,000 for Oklahoma Baptist University in
Robert Kellogg, the foundation's president and chief executive officer, told The Oklahoman that the loss represents less than 1 percent of the foundation's assets under management.
Bernard Madoff has allegedly confessed to running a giant Ponzi scheme, paying returns to certain investors out of the principal
received from others. Prosecutors say he duped investors out of as
much as $50 billion.
Kellogg said he learned of the foundation's exposure to the scheme in mid-December and notified the foundation's endowment clients that were most affected. He said the foundation has $234 million in assets under management, representing about 300 charitable causes.
Kellogg said the foundation didn't invest directly with Madoff, but with third-party money managers who invested in hedge funds that were exposed to the Madoff scheme.
(Copyright 2009 by The Associated Press. All Rights Reserved.)