Mad about Madoff

Charity: Bernard Madoff scandal shuts down charities | Warren Cole Smith and Rusty Leonard

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The news that former Nasdaq chairman Bernard Madoff may have defrauded investors of as much as $50 billion sent yet more waves through the jittery financial markets. Those waves ended up being tsunamis for some charities, at least three of which will close their doors entirely as a direct result.

The Robert I. Lappin Charitable Foundation, which has financed the trips of hundreds of Jewish youth to Israel, posted a stark message on its website: "The programs of the Robert I. Lappin Charitable Foundation and the Robert I. Lappin 1992 Supporting Foundation are discontinued, effectively immediately. This includes Youth to Israel and Teachers to Israel. The money used to fund the programs of both Foundations was invested with Bernard L. Madoff Investment Securities and all the assets have been frozen by the federal courts. The money needed to fund the programs of the Lappin Foundations is gone."