web analytics
April 23, 2014 / 23 Nisan, 5774
At a Glance
News & Views
Sponsored Post
Spa 1.2 Combining Modern Living in Traditional Jerusalem

A unique and prestigious residential project in now being built in Mekor Haim Street in Jerusalem.



Madoff Sentencing Offers Little Solace To Victims

Share Button


Bernard Madoff was sentenced Monday to 150 years in jail, the maximum allowed for his crimes.


U.S. District Court Judge Denny Chin during the sentencing called Madoff’s crimes “staggering.”


Madoff, 71, confessed to bilking investors of up to $65 billion in his Ponzi scheme.


Prosecutors had sought the 150-year sentence. Madoff’s lawyers had asked for leniency and a 12-year sentence.


For Belle Faber, the sentencing of Madoff felt surreal.


Television coverage of Monday’s event was being projected on a screen in the conference room of the American Jewish Congress, one of the Jewish nonprofits hit hardest by Madoff’s thievery. Faber, the organization’s development director for nearly 25 years, had retreated into her office to watch CNN by herself.


The archival footage of Madoff flickering across the screen showed the person who had sat across from Faber numerous times in the offices of AJCongress, which Madoff once served as a board member. Faber even knew Madoff’s wife, Ruth, and recently came across an old note she wrote to the Madoffs wishing them a good trip to Florida.


Still, Faber says, she doesn’t wish vengeance on Madoff, even though he bilked his victims, including Faber’s organization, out of up to $65 billion. The AJCongress lost $21 million – 90 percent of its endowment – in Madoff’s Ponzi scheme, forcing the organization to lay off 25 staff members.


“I have left a legacy of shame,” Madoff said in the Manhattan courtroom before his sentencing, according to media reports. “This is something I will live in for the rest of my life.”


Madoff’s shame was little solace for some of those he hurt.


“Mr. Madoff is not going to find any sympathy from us,” said Marc Stern, acting co-executive director of AJCongress.


“There has been a 150-year sentence in the case of a 71-year-old man. It is not in practical terms very great, but in symbolic terms it is very significant.”


“It doesn’t give us our $20 million back,” Stern went on. “That is inherent in these sorts of processes. It is satisfaction mixed with the reality that it does not undo the harm that he did.”


For some charities decimated by Madoff, things will never be the same.


The Robert I. Lappin Foundation’s entire $8 million in assets was wiped out by Madoff’s scheme and was transformed by the loss.


It used to fund programs such as Youth to Israel, which sends kids from Massachusetts on free trips to Israel, out of its own once deep pockets; now the foundation must raise funds to survive.


New programs, like one that would have sent teachers to Israel, have been put on hold, according to Deborah Coltin, the foundation’s executive director.


“If I was to sum it up, justice was served. What else is there to say?” Coltin told JTA. “The Lappin Foundation has been able to pick up and move on. We haven’t been thinking about it.”


One Madoff victim, Carla Hirschhorn, who lost her entire $7 million in savings in Madoff’s scheme, called her life a “living hell.” She said her mother is now dependent on Social Security and her daughter works two jobs to pay tuition.


Elie Wiesel, the Holocaust survivor and Nobel laureate who saw most of his fortune stolen by Madoff – and who has been stumping across the country talking about it and trying to raise money – declined to comment.


So did Yeshiva University, one of the nonprofits hit hardest by Madoff, having lost $110 million in real and imagined profits.


“It just doesn’t benefit anyone to be associated with this anymore,” said one observer close to the situation.


Faber said she often wondered if a check made out to the AJCongress was among the stack of checks for tens of millions of dollars that investigators found in Madoff’s desk after he was arrested – because maybe, just maybe, Madoff would have wanted to do right by the charities he had devastated.


Watching coverage of the trial, Faber said she felt the charity world she had known was gone.


“We will never see the kind of beneficence we have always seen in the future because of what happened,” Faber said. “He has changed the whole fabric of the Jewish community, especially when it comes to organizations like ours.” (JTA)

Share Button

About the Author:


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

No Responses to “Madoff Sentencing Offers Little Solace To Victims”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Palestinian Authority Chairman Mahmoud Abbas. Who will he take to the dance?
It’s Prom Time, and Abbas Must Choose a Dance Partner – Israel or Hamas
Latest News Stories
Enjoying the day at Ben Gurion University (BGU) campus.

Israeli researchers discover a common blood pressure medication can prevent epilepsy from developing after TBI.

Palestinian Authority Chairman Mahmoud Abbas. Who will he take to the dance?

The Fatah terror faction has agreed to form a unity government — again with Hamas.

As the two governments continue to wage battle, it seems the main question is how the Ukrainian residents of the east really view themselves; are they western Russians or eastern Ukrainians?

Arrival of self-declared mayor of Slaviansk at town's administrative offices in eastern Ukraine.

An Israeli-American journalist has been kidnapped in eastern Ukraine and is being held hostage by separatists there.

The US has decided to begin restoring its military aid to Egypt, apparently in response to the Egypt-Russia MiG-35 deal that is on the table.

Attacks against former Chief Rabbi Shlomo Amar get as petty as which robe he is wearing, and when he is running his Lag B’Omer bonfire.

 
MiG-35
43

The picture above is of a Russian MiG-35. It is Russia’s most advanced fighter jet. Reports say that Israel’s neighbors to the south will be getting 24 of them. In case you see one flying overhead, now you’ll know what it is.

A Holocaust memorial and the grave of the brother of the late Lubavitcher rebbe were vandalized in Ukraine, amid a string of anti-Semitic attacks in the country.

Bashar Assad will be running for president of Syria again…

This massive Russian-Egyptian arms deal is a slap in the face for President Obama and his failed foreign policy.

It is no wonder that Marionville is ”the home of the white squirrels.” Black ones wouldn’t stand a chance, forget about Jewish ones.

Jordan’s foreign minister summoned the Israeli ambassador to protest what it called Israel’s “violations” on the Temple Mount. The Jordanian government told Ambassador Daniel Nevo that recent clashes between Muslim worshippers and Israeli soldiers on the Temple Mount a violation of the peace treaty between Israel and Jordan. The Temple Mount was closed to visitors […]

The chisel was found along with a gold bell that may have been on the clothes of the High Priest.

The IDF has announced it will begin to offer Israeli Christians the chance to enlist in Israel’s army.

A special unit in the Israeli army comprised solely of Bedouin trackers is keeping Israel’s northern border safe.

The United States has announced it possesses evidence the Syrian government is using chemical weapons against its own civilians.

More Articles from Jacob Berkman

After discovering $7 million in fraudulent payments, the Claims Conference is facing questions about whether it will recover the money and how extensive the fraud actually was.

After discovering $7 million in fraudulent payments, the Claims Conference is facing questions about whether it will recover the money and how extensive the fraud actually was.

Bernard Madoff was sentenced Monday to 150 years in jail, the maximum allowed for his crimes.
U.S. District Court Judge Denny Chin during the sentencing called Madoff’s crimes “staggering.”

Bernard Madoff was sentenced Monday to 150 years in jail, the maximum allowed for his crimes.

U.S. District Court Judge Denny Chin during the sentencing called Madoff’s crimes “staggering.”

Three of the largest local Jewish federations in the United States announced significant layoffs during the past two weeks, raising concerns about the future health of the country’s main Jewish charitable network.

Three of the largest local Jewish federations in the United States announced significant layoffs during the past two weeks, raising concerns about the future health of the country’s main Jewish charitable network.

The Yeshiva Elementary School, an Orthodox institution in Miami Beach with about 450 students, was in dire straits in late 2008. It was behind on payroll, in significant debt and facing financial collapse.

The Yeshiva Elementary School, an Orthodox institution in Miami Beach with about 450 students, was in dire straits in late 2008. It was behind on payroll, in significant debt and facing financial collapse.

    Latest Poll

    Now that Kerry's "Peace Talks" are apparently over, are you...?







    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/news/madoff-sentencing-offers-little-solace-to-victims/2009/07/01/

Scan this QR code to visit this page online: