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.

Robert Huberty

Robert Huberty served as vice president of the Capital Research Center.
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