Securities Scheme Costs Foundation over 15 Million

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Wiesel Foundation loses in Madoff scheme

The Elie Wiesel Foundation reported today that they were on the losing side of 15.2 million due to a the alleged fraud scheme of Bernard Madoff Investment Securities, a Wall Street investment company. Bernard Madoff, former chairman of the Nasdaq stock market, is currently out on a $10 million dollar bail

The Elie Wiesel Foundation of Humanity immediately put out a statement resulting from the lose:

“We are deeply saddened and distressed that we, along with many others, have been the victims of what may be one of the largest investment frauds in history. We are writing to inform you that the Elie Wiesel Foundation for Humanity had $15.2 million under management with Bernard Madoff Investment Securities. This represented substantially all of the Foundation’s assets.

The values we stand for are more needed than ever. We want to assure you that the Foundation remains committed to carrying on the lifelong work of our founder, Elie Wiesel. We shall not be deterred from our mission to combat indifference, intolerance, and injustice around the world.

At this difficult time, the Foundation wishes to express its profound gratitude for all your support.”

Madoff has admitted to running a pyramid scheme resulting in loses of over 50 million dollars.

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Thursday, December 25th, 2008 Securities Fraud

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