147 Foundations Lose Millions Investing With Madoff

Private foundations that have lost millions of dollars investing in Bernard Madoff’s Ponzi scheme could be subject to a 10 percent IRS penalty for failing to exercise due diligence and fiduciary responsibility, the New York Times reports. Among the biggest losers: The Picower Foundation (Palm Beach, FL) thought to have invested $958 million with Madoff, the Carl and Ruth Shapiro Family Foundation (Palm Beach)–$199 million; the Betty and Norman F. Levy Foundation (New York)–$244 million; and the Chais Family Foundation (Encino, CA)–$178 million. 

The Southern Poverty Law Center received  $495,000 from the Picower Foundation for “intelligence project research and investigation,” according to the Foundation’s IRS 990 form (p.44). The Center was profiled by CRC here.

Share this post!