January 15, 2009
In Scandal's Wake
A Ponzi scheme causes major foundations to close and causes losses for scores of charities nationwide
The timing of the alleged fraud committed by Bernard L. Madoff could not have been worse. With just weeks left in what was already shaping up as one of the most challenging fund-raising years ever for charities, Mr. Madoff reportedly admitted on December 11 that his investment-management business was "a giant Ponzi scheme" that would cost investors as much as $50-billion.
Within days of that news, at least five foundations announced they would be closing, including the Picower
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