Madoff wreckage hits L.A. Jewish Community Foundation
The wreckage from the case of Wall Street insider Bernard Madoff appears to be spreading to Los Angeles. According to the Jewish Journal, there is growing concern at the Jewish Community Foundation:
"It has come to our attention that the Jewish Community Foundation [Los Angeles] is included among a number of major institutions as well as individuals who may have been victimized by an alleged fraud," wrote Jewish Community Foundation Board Chair Cathy Siegel Weiss and President and CEO Marvin Schotland in a letter sent to board members.
"Regretfully, the Foundation was one of those clients. Mr. Madoff was highly regarded and his firm has been one of the most prominent firms on Wall Street for decades. We were shocked to learn of this alleged fraud."
Some $18 million of the Foundation's Common Investment Pool (currently valued at 11% of its assets) was invested with Madoff, according to the letter.
The Times' Walter Hamilton has more on the Madoff affair.