First Madoff-Related Charity Forced To Close

Just in time for the holidays. How nice. Unfortunately, this will likely be just the first of many such closings.

Reuters: The Robert I. Lappin Charitable Foundation, which financed trips for Jewish youth to Israel, said the money that supported its programs was invested with Madoff, a 70-year-old Wall Street trader arrested on Thursday.

“The money needed to fund the programs of the Lappin Foundation is gone,” the Salem, Massachusetts-based foundation said on its website, adding all staff had been let go.

“It is with a heavy heart that I make this announcement,” Robert I. Lappin, the foundation’s trustee, said in a statement.

 

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