Madoff Trustee Claims Ponzi Scheme Earned Donor $1-Billion

The trustee seeking to reclaim investors’ lost assets in the Bernard Madoff case alleged in a court filing last week that the philanthropist Carl Shapiro and his family foundation reaped more than $1-billion in phony profits over 40 years through investments with the disgraced financier, says The Boston Globe.

The Shapiros were among the “largest beneficiaries” of Mr. Madoff’s Ponzi scheme, trustee Irving Picard wrote to the U.S. Bankruptcy Court. Mr. Shapiro has denied any knowledge of the scam, and the family has claimed Madoff losses of $545-million, including $250-million invested shortly before the fraud was exposed late last year.

(Free registration is required to view this article.)