December 17, 2008
Madoff cost Jewish Family Service $425,000
Jewish Family Service of Los Angeles (JFS), the premier Jewish provider of a wide variety of social services to LA’s poor, elderly and disabled population, lost $425,000 in the Bernard Madoff scandal.
The money, a portion of the JFS Endowment Fund, wasmanaged as part of the Jewish Community Foundation’s Common Investment Pool, which had been invested in Bernard Madoff Investment Securities LLP. JFS estimates that approximately $425,000, The money represents about 10% of JFS’s invested assets.
“These losses compound the difficulty of providing critically needed services to the vulnerable in an already fragile economic environment,” said Paul S. Castro, JFS CEO and Executive Director in a statement just released to The Jewish Journal, “We will work directly with the Jewish Community Foundation to mitigate the damage and minimize the impact on client services.”
“Unfortunately, one man’s unconscionable greed will impact services for thousands of people in need across the country,” said Jeff Nagler, JFS President. “However, the Los Angeles community can continue to count on JFS to provide a safety net for individuals and families who need our help.”