Closure
On 15 December 2008, the Foundation announced it was halting all grant-making effective immediately, and would wind down operations by the end of January 2009. This was a result of the Foundation losing the bulk of its endowment which had been invested in the illegal Ponzi scheme run by Bernard Madoff, who was arrested in December 2008 for securities fraud. The funds of its donors, Jeanne Levy-Church and Kenneth Levy-Church, were managed exclusively by Madoff's investment advisory business.
Read more about this topic: JEHT Foundation