A major charitable foundation in Los Angeles has said that jailed Wall Street money manager Bernard Madoff swindled it out of US$18 million. The Jewish Community Foundation of Los Angeles reported that the foundation invested the money from a common investment pool with Madoff starting in 2004. Foundation president Marvin Schotland told AP that the loss represented less than 3 per cent of the group's total assets, which totaled about US$ 670 million at the end of 2008. The group is one of Los Angeles' 10 largest foundations.
Madoff is in jail pending sentencing for stealing billions of dollars from investors in what could be the biggest scam in Wall Street history. Foundation spokeswoman Lynn Fireside says the foundation would be able to recover at least US$ 500,000 of the lost money after Madoff's assets are liquidated.
