Philanthropist / Madoff Investor Hit Hard

December 8, 2010 at 7:01 PM

From WBUR (Boston public radio):

Federal authorities say Boston businessman Carl Shapiro and his family have agreed to forfeit $625 million to the federal trustee for Bernard Madoff victims and the U.S. Department of Justice.

Shapiro had invested with Madoff since the 1960s. Over the years, he earned an estimated $1 billion fortune. Now the bulk of what’s left will be handed over to the feds. That will be passed on to people who lost money in the Ponzi scheme.

Carl and his wife Ruth provided financial support to “Boston-area nonprofits such as Beth Israel Deaconess Medical Center and the Museum of Fine Arts.” Perhaps the Shapiros were afraid of becoming targets of malicious envy

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