- Taxes on some wealthy French top 100 pct of income: paper
- North Korea fires short-range missiles for two days in a row |
- Israel warns against Russian arms supply to Syria
- Winning ticket for $590.5 million Powerball lottery sold in Florida |
- Toyota plans to increase lithium-ion car battery output-Nikkei
RPT-Madoff scandal shutters Chais Family Foundation
(Repeats without changes to text or headline)
BOSTON Dec 15 (Reuters) - The alleged $50 billion fraud by Bernard Madoff has forced the Chais Family Foundation, which gives away about $12.5 million annually to Jewish causes, to close, its president said on Monday.
"The entire fund was invested through Mr Madoff, and as a result the fund has been completely obliterated" Avraham Infeld told Reuters by cell phone from Jerusalem, where the foundation is headquartered, adding that all five staff were let go.
U.S. agents arrested Madoff at his apartment Thursday after prosecutors said he told senior employees that his money management operations were "all just one big lie" and "basically, a giant Ponzi scheme." (Reporting by Jason Szep, editing by Leslie Gevirtz)
- Tweet this
- Share this
- Digg this