Fallout From Madoff Scandal Spreads
December 15, 2008
Over the weekend, we learned that at least two foundations, the Robert I. Lappin Foundation and the Chais Family Foundation, had lost millions in Bernie Madoff's alleged Ponzi scheme and were closing their doors, effective immediately.
The latest victim of the scam is the New York City-based JEHT Foundation (an acronym for Justice, Equality, Human dignity and Tolerance), which earlier today announced that it was halting all grantmaking effective immediately and would shut its doors at the end of January. The foundation has posted a statement on its Web site that reads in part:
The JEHT Foundation Board deeply regrets that the important work that the Foundation has undertaken over the years is ending so abruptly. The issues the Foundation addressed received very limited philanthropic support and the loss of the foundation's funding and leadership will cause significant pain and disruption of the work for many dedicated people and organizations. The Foundation's programs have met with significant success in recent years -- promoting change in these critical areas in partnership with government and the nonprofit sector. Hopefully others will look closely at this work and consider supporting it going forward....
Inquiries should be directed to the foundation, care of its president, Robert Crane, email@example.com.
-- Mitch Nauffts