The ACLU told contributors today that two foundations that support its operations were victims of Bernard Madoff’s Ponzi scheme and have had to cease operations. “That means that $850,000 in support we were counting on from these foundations in 2009 simply won’t exist,” according to a letter sent out to donors by Alma Montclair, ACLU’s Director of Administration and Finance.
On Sunday, the New York Times reported that the Picower Foundation, ranked 71st-largest in the nation by the Council on Foundations, has joined the JEHT Foundation in being forced out of business by the Madoff scam. A number of Jewish charities, including Yashiva University, have been affected by the loss of promised grants.
Both had significant funds invested with Bernard L. Madoff, who was arrested by federal agents on December 12 and charged with running a $50 billion fraud scheme.
