BOSTON, July 16, 2009
Philanthropist Gives $5M to Madoff Victims
Mass. Man Pays Money out of His Own Pocket to Restore Retirement Savings of Burned Employees
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Bernie Madoff (U.S. Marshals Service)
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Photo Essay Madoff Apartment Seized Ruth Madoff left the building before U.S. marshals arrived
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.
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- May his blessings be multiplied a million times.
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- That is so nice. This man is showing real character and integrity that is missing so much in today's society. My his blessings be multiplied a thousand times.
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