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December 15, 2008
Madoff scandal rocks Jewish philanthropic world
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.
Spielberg’s Wunderkinder Foundation joins list of Madoff victims
Steven Spielberg suffered some losses in the Bernard Madoff fraud scandal, though apparently nowhere near a rumored $300 million. However, the famed filmmaker\’s private Wunderkinder Foundation had some investments with Madoff, though Spielberg spokesman Marvin Levy said he was unable to detail the assets or losses of the foundation.
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