Skip to comments.Philanthropist Gives $5M to Madoff Victims
Posted on 07/16/2009 10:05:28 PM PDT by nickcarraway
A Massachusetts philanthropist who lost most of his personal fortune in the Bernard Madoff scandal has paid $5 million out of his own pocket to restore the retirement savings of employees who lost money in the multibillion dollar scam.
Robert I. Lappin on Wednesday made up for the lost savings of the 60 employees of his company, Shetland Properties Inc., and of his charity, the Robert I. Lappin Charitable Foundation, whose 401(k) plans were managed by Madoff.
The foundation, which sends Jewish youths to Israel, closed briefly when it lost $8 million in Madoff's Ponzi scheme.
Lappin tells The Boston Globe he just wanted to do the right thing for his employees.
Lappin says his net worth is less than $10 million, a 10th of what it was before the scandal.
God bless this man.
Now there is a true Jew. God will bless him.
Kudos to this kind and generous man.
Send treats to the troops...
Great because you did it!
Just how poor are these rich people that lost money, is their gross income less than $200.00 a week when everything is included?
What a wonderful man. I hope he is sufficiently thanked.
i lose about 50-60% of my income every year... where’s my free handout?
oh yea... i have a job and don’t vote dem