WDET News
- Ann Arbor Non-Profit Latest Madoff Victim
-
Dec 17, 2008General
An Ann Arbor-based non-profit is being forced to close…the latest victim of investor Bernard Madoff’s alleged multi-billion dollar Ponzi scheme. WDET’s Sarah Cwiek has more…
SOQ
The Fair Food Foundation was a grant-making non-profit...that worked to improve access to quality food in poor urban areas. The Foundation had only been operating for a matter of months…when it announced plans this week to shut down. That’s because the foundation’s major donors…Kenneth and Jeanne Levy-Church…had invested funds with financial advisor Bernard Madoff. Madoff has been charged with swindling investors in one of the largest financial fraud schemes in history. In a message on the Foundation’s website…Fair Food President and C-E-O Oran Hesterman writes that the Foundation is no longer in a position to consider any requests for funding…and will spend the next few weeks shutting down. Hesterman says this is a “stinging blow” to efforts to strengthen community food systems. Last week’s revelation of Madoff’s multi-billion dollar Ponzi scheme has sent shock waves through non-profits and charities worldwide…many of whose prominent donors had invested with Madoff. This is Sarah Cwiek…WDET news.