This is an unbelievable story.
CNBC: Madoff’s Investors Facing Billions in Potential Losses
Investors scrambled on Friday to assess potential losses from the $50 billion fraud allegedly perpetrated by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.
Prosecutors and regulators accused the 70-year-old former chairman of the Nasdaq Stock Market of masterminding a Ponzi scheme of epic proportions through a hedge fund he ran…
…Madoff said “there is no innocent explanation’ for his activities, and that he ‘paid investors with money that wasn’t there,” according to the federal complaint. Prosecutors also alleged that Madoff wanted to distribute as much as $300 million to employees, family members and friends before turning himself in.
One of those investors was Swampscott’s Lapin Foundation, via Wicked Local,
The programs of the Robert I. Lappin Charitable Foundation and the Robert I. Lappin 1992 Supporting Foundation are discontinued, effectively immediately. This includes Youth to Israel and Teachers to Israel, the foundations announced in a press release early Friday afternoon, Dec. 12.
The money used to fund the programs of both foundations was invested with Bernard L. Madoff Investment Securities and all the assets have been frozen by the federal courts.
Madoff was arrested Thursday morning by the FBI and charged with criminal securities fraud by the federal Securities and Exchange Commission. Click HERE to read the actual complaint.