Closing charity cites fraud
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One of the nation’s leading educational philanthropies announced it would close because of Bernard Madoff’s alleged financial fraud.
Barbara Picower, who with her husband, Jeffry, established the Picower Foundation in 1989, said in a statement Friday that the foundation’s grant-making would cease “effective immediately.”
She wrote that Madoff’s “act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic foundations and nonprofit organizations.”
Madoff is accused of swindling investors out of $50 billion in a massive Ponzi scheme.
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