How the Ponzi Scheme and Fraud May Have Destroyed Charities
In December, Bernard Madoff was charged with securities fraud by federal authorities who allege that he ran a multi-billion dollar Ponzi scheme—paying one set of investors with money from another.  It is now reported that Madoff’s alleged scheme, which is one of the largest in history, may have caused the collapse of one the largest charitable foundations in the U.S.  According to the Boston Globe, the Picower Foundation, which has made significant contributions to medical research, announced that it was victimized by Madoff and will likely be forced to cease operations.  Apparently, the Picower Foundation, with assets of more than a half-billion dollars, is one of several charitable organizations that believe they have lost sizeable portions of their funds due to Madoff.  For the complete article, visit http://www.boston.com/business/articles/2008/12/20/major_foundation_falls_to_madoff_fraud/
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