Madoff Victim Recognized for Making Up Staff’s Pension Losses

Robert Lappin, the Massachusetts real-estate mogul and philanthropist, has been named one of The Boston Globe’s Bostonians of the Year for restoring his employees’ retirement funds after they were decimated by Bernard Madoff’s fraud.

Mr. Lappin and his family paid more than $5.1-million into staff members’ 401(k) accounts, which, like his family’s wealth, had been heavily invested with Mr. Madoff. Mr. Lappin, whose foundations are major supporters of Jewish causes, lost most of his $20-million personal fortune to the Madoff scam.

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