Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

MEDIAWATCH

Sarkozy, Hollande and the scooter wars

Read more

MEDIAWATCH

Confusion online over Air Algérie flight

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

  • France calls on its nationals to leave Libya as violence escalates

    Read more

  • Boko Haram kidnap Cameroon minister's wife in deadly attack

    Read more

  • Nibali joins elite group with Tour de France win

    Read more

  • Netanyahu says Hamas 'violating its own ceasefire'

    Read more

  • Muslims prepare for Eid al-Fitr festival

    Read more

  • ‘Irresponsible’ American dad tries to scale Mont Blanc with children

    Read more

  • Ukraine fighting prevents observers from accessing MH17 crash site

    Read more

  • In pictures: Crowds flock to enjoy the Tour de France show

    Read more

  • Video: At the scene of the Air Algérie crash in Mali

    Read more

  • Costa Concordia arrives in port of Genoa to be scrapped

    Read more

  • In pictures: Youths clash with police at banned Gaza protest

    Read more

  • Russia lashes out at new EU sanctions over Ukraine

    Read more

  • Bodies of all Air Algérie crash victims to be brought to France

    Read more

  • Syrian army and ISIS both claim advances

    Read more

  • Briton kidnapped in Yemen freed after five months

    Read more

  • Nibali rides serenely toward a place in Tour history

    Read more

  • Germany's Tony Martin wins 20th stage of Tour de France

    Read more

  • New round of Gaza ceasefire talks takes place in Paris

    Read more

Business

Elie Wiesel Foundation loses 'all assets' to Madoff fund

Latest update : 2008-12-25

The Elie Wiesel Foundation for Humanity has announced it has lost more than 15 million dollars it invested in disgraced banker Bernard Madoff's allegedly fraudulent hedge fund.

AFP - The Elie Wiesel Foundation for Humanity lost more than 15 million dollars -- nearly all of its assets -- in the alleged fraud scheme run by Wall Street baron Bernard Madoff, the fund said Wednesday.

"We are writing to inform you that the Elie Wiesel Foundation for Humanity had 15.2 million dollars under management with Bernard Madoff Investment Securities," said the foundation, which aims to combat anti-Semitism, on its website.

"This represented substantially all of the Foundation's assets," it said.

"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."

The statement added 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."

Wiesel, 80, a Nobel laureate and prolific author who survived the Holocaust, created the foundation some 20 years ago to foster international dialogue and youth programs to teach tolerance.

He is among dozens of wealthy Jews to have lost substantial amounts of money in Madoff's scheme.

Prosecutors say Madoff confessed to losing upwards of 50 billion dollars over years of running a pyramid scheme, where new investors were secretly fleeced to pay returns to earlier investors.

The 70-year-old former chairman of the Nasdaq stock market and a mainstay of the powerful American Jewish community is currently free on bail of 10 million dollars as police continue their probe.
 

Date created : 2008-12-25

COMMENT(S)