Mass. Philanthropist Restores Employee Nest Eggs Lost to Madoff Fraud

Boston-area philanthropist Ronald I. Lappin has dipped into his own pocket to the tune of $5-million to replenish the retirement savings of employees at his property-development firm and charitable foundation, reports The Boston Globe.

The 401(k) plans at Shetland Properties, in Salem, Mass., and the Robert I. Lappin Charitable Foundation were managed by Bernard Madoff, who is now serving a 150-year prison sentence after being convicted of running a major investment scam.

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