At least 18 Jewish non-profit groups and non-profit groups that support Israeli institutions have notified tax authorities of likely illegal “diversions” of funds in the past five years.
The Obama campaign is returning the donation of a hedge fund manager who is accused of defrauding members of his Persian-Jewish community in Los Angeles.
A Ponzi scheme targeting the Persian-Jewish community in Los Angeles was shut down by the U.S. Securities and Exchange Commission.
The owners of the New York Mets will pay up to $162 million to settle a "clawback" lawsuit filed in the Bernard Madoff Ponzi scheme.
Imprisoned financial scam artist Bernard Madoff boasted in a jailhouse letter that he is "quite the celebrity" and treated "like a Mafia don," ABC News said on Thursday.
The trustee charged with recovering assets lost in Bernard Madoff’s Ponzi scheme is suing the Jewish Association for Services for the Aged for $5.2 million.
Ruth Madoff will divorce her husband, Ponzi schemer Bernard Madoff, in order to reconcile with her son, a Madoff biographer said.
The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffry Picower, has agreed to return $7 billion to Madoff’s victims. The figure is the difference between the amount of cash that Picower, a Jewish investor, put into his account with Madoff and the amount that he withdrew, The New York Times reported. The deal was set to be announced at a news conference on Friday.
Sheryl Weinstein, the high-profile victim of Bernard Madoff claiming to have had an affair with the confessed swindler, kicked off her book tour Tuesday with an appearance on ABC’s “Good Morning America.”
Madoff, who is serving 150 years at a North Carolina federal prison after pleading guilty to swindling more than $65 billion, has been telling fellow inmate he doesn't have much longer to live.
Anger has begun to supplant shock as those who contribute to prominent Jewish charities or work on their behalf gasp for comprehension of the unprecedented percussion that the Bernard L. Madoff investment fraud is having on their favorite causes.
Trusted friend of the community on hot spot as fight over lost $400 million begins
The Ponzi scheme perpetrated by Bernard Madoff is the latest in a string of financial blows to Jewish aid programs in the former Soviet Union, wiping out a major foundation that was the primary funder of Jewish higher education in Russia
I wish Jews believed in hell, because then I could take comfort that Bernard Madoff will go there.
" . . . We thought we were investing in Ezra, and now find out we were invested with Madoff. We feel duped and outraged . . . "
The paradox -- one man possessed of bountiful quantities of good and evil -- is confounding to many who knew Madoff and only now are discovering his dark side.
At least two foundations have been forced to close because they had invested their funds with Madoff. The Robert I. Lappin Foundation in Salem, Mass., announced Dec. 12 that it would shut down after losing $8 million -- all of its money. And the Chais Family Foundation, which gives out some $12.5 million each year to Jewish causes in Israel, the former Soviet Union and Eastern Europe, announced its closing Dec. 14.
"It's all just one big lie."
With those words Bernard Madoff confessed to senior executives of Bernard L. Madoff Investment Securities that the $17 billion hedge fund he founded was nothing more than a Ponzi scheme. Madoff is at the center of "the largest investor swindle ever blamed on a single individual."
The news that broke today on the front pages of the New York Times and the Wall Street Journal reverberated in Jewish communities across the world. "A lot of Jewish charities had investments with him," one prominent investor told The Jewish Journal. "So did a lot of Jews."
UPDATE: Among the victims was the Jewish Community Foundation of Los Angeles.
After being left a quadriplegic in a car accident in 1993, 53-year-old Alice Wintz received an insurance settlement that she thought would, with careful investing, leave her financially secure for life.
So she asked money manager Reed Slatkin to invest her settlement. Wintz and her ex-husband had met Slatkin in 1986 through a business associate, and considered him a friend. Impressed with his charm and financial acumen, and, having had what Wintz describes as a "good experience" investing a small amount of money with him in 1986, they thought they could trust him with the insurance settlement.
The Securities and Exchange Commission (SEC) had accused Slatkin of running a Ponzi scheme shortly after he filed for bankruptcy in May 2001. (A Ponzi scheme is a phony investment plan in which money provided by later investors is used to pay artificially high returns to the initial investors, with the goal of attracting as many investors as possible.) Slatkin's alleged scheme is said to be one of the biggest cases of investment fraud in American history.