Madoff Scam Ripped Off Charities As Well As Rich And Famous

It is emerging that the victims of the alleged Bernie Madoff scam were all encompassing, with several prominent charities amongst those affected.

The Picower Foundation, established in 1989 by Barbara Picower and her husband, Jeffry Picower, that has given millions to promote biomedical research and human rights says it will close with immediate effect. Adding that this "act of fraud has had a devastating impact on tens and thousands of lives."

The Elie Wiesel Foundation for Humanity, that help Ethiopian Jews and Darfuri refugees, now admits that it invested $15.2 million with Mr Madoff that represented “substantially all of the foundation's assets”.

These stories dwarf the misery of the corporate fat cats such as HSBC and the Royal Bank of Scotland, Man Group, one of the biggest hedge funds in the City, and Nicola Horlick's Bramdean Alternatives. Other high profile victims include Hollywood titans Steven Spielberg and Jeffrey Katzenberg.