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The Yeshaya Horowitz Association closed due to Madoff

Te Yeshaya Horowitz Association, an Israeli foundation, closed after losing all of its funds in the Madoff scandal, according to Haaretz.

The foundation, which has given away between $100 million and $200 million primarily to universities, hospitals and research institutes since it was founded in 1988, did not have the money to pay its employees for December, according to the Israeli paper.

Horowitz gave some $3 million to Bar-Ilan University last year and was slated to give another $3 million this year. It also supported the Hebrew University and Ben-Gurion University of the Negev.

The paper reported that the foundation was worth $800 million, but its executive director called that number "fantastical."

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