New Database Reveals Jewish Groups Lost $150 Million to Madoff
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by News Editor
Times of Israel – A new database of non-profit organizations’ tax disclosures sheds light on the scale of the damage inflicted on Jewish community organizations by the Madoff Ponzi scandal. It also paints a picture of organizations changing their regulations to prevent such disasters in the future.
Almost two dozen Jewish organizations are included on the list of over 1,000 nonprofit organizations which suffered a “significant diversion” of assets through unauthorized uses or unanticipated losses such as theft, investment fraud and embezzlement between 2008 and 2012. Half of the organizations’ losses can be attributed to the giant investment fraud scheme conducted by Bernard Madoff.