Jewish organizations targets of clawback lawsuits in Madoff case

 The Forward is reporting that a number of Jewish organizations have been slapped with lawsuits filed last week by Irving Picard, the trustee for Bernard MAdoff’s estate.

Picard is seeking millions of dollars back from a number of individuals, foundations and nonprofits who actually profited from Madoff’s multi-billion dollar scam. 

Reports The Forward:

Non-profit targets of the clawback suits include the America-Israel Cultural Foundation, a 70-year-old organization that gives scholarships to Israeli artists. The group was sued on December 2 for over $5 million of what the lawsuit claims are fictitious profits.

Also targeted was the American Committee for Shaare Zedek Medical Center in Jerusalem, which was also sued on December 2 for nearly $7 million in alleged fictitious profits.

Representatives from both organizations were not immediately available for comment.

The charity pegged with the largest claim appears to be an organization called United Congregations Mesorah, which was sued for over $16 million. No information was immediately available about the group.

Other non-profits targeted by clawback suits on December 1 and December 2 include the Joseph Persky Foundation, the Miles and Shirley Fitterman Charitable Foundation, and the Melvin B. Nessel Foundation. In all, over 20 charities and foundations were sued.

None of the foundations and charities sued was alleged to have been aware that Madoff’s operation was fraudulent.

Conspicuously absent from the list was Hadassah. Public statements by the Zionist women’s organization have indicated that it profited from its Madoff investment, placing it at risk of a clawback lawsuit. Queries to Hadassah’s press representatives and to members of Picard’s team regarding the status of Hadassah with regard to the trustee’s investigation have not been answered.

Read more here.

When contacted by The Fundermentalist, a spokesman for Hadassah h declined all comment, except to confirm that Hadassah had not been sued.

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