Shapiro Foundation Amends Taxes to Reflect Madoff Losses
August 5, 2009 | Read Time: 1 minute
The Carl and Ruth Shapiro Foundation has filed an amended 2005 tax return to reflect some $140-million lost in the Bernard Madoff investment scandal, according to The Boston Globe.
Carl Shapiro was a longtime friend and client of the disgraced financier, who is now serving a 150-year prison term. In a statement, Mr. Shapiro and his wife said the new tax return “reflects the Shapiro Family Foundation’s diminished financial position.”
The Boston-area foundation has said it lost half its assets and will no longer make new grants. The amended 2005 tax statement erases $141-million in stocks and government bonds and notes that were previously reported as investments.
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