The arrest on Thursday of Wall Street trader Bernard L. Madoff, who FBI agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world. One charity – the Robert I. Lappin Charitable Foundation – has already closed and The Forward reports "the ramifications of Madoff’s financial demise may extend to the many organizations he supported and the wealthy Jews he advised."
Madoff made charitable donations to other Jewish organizations. He had chaired a gala fundraiser on behalf of Gift of Life, a Jewish bone marrow registry and umbilical cord blood bank. In addition, the Madoffs were significant contributors to UJA-Federation of New York.