February 5, 2009 | Read Time: 1 minute
Jack Siegel, writing at Charity Governance, has reviewed the 163-page list of clients of Bernard L. Madoff released by the U.S. Bankruptcy Court and compiled his own list of what appear to be the charities, foundations, and charitable trusts that lost money in the scandal.
“It appears that the list is limited to those who invested directly with Madoff,” writes Mr. Siegel. “A number of feeder funds are listed. We know that there are charities invested with those funds that are not included on the list released today.”
Mr. Madoff reportedly admitted in December that his investment-management business was “a giant Ponzi scheme” that would cost investors as much as $50-billion.
