Madoff Investment Scandal
In 2008 the American Friends of Yad Sarah was named as one of the victims of the Madoff investment scandal. The group had invested $1.5 million with J. Ezra Merkin's Ascot Partners, a Madoff promoter, in 2006, and lost its entire investment when the fraud was discovered.
Read more about this topic: Yad Sarah
Famous quotes containing the words investment and/or scandal:
“The only thing that was dispensed free to the old New Bedford whalemen was a Bible. A well-known owner of one of that city’s whaling fleets once described the Bible as the best cheap investment a shipowner could make.”
—For the State of Massachusetts, U.S. public relief program (1935-1943)
“Gossip is charming! History is merely gossip. But scandal is gossip made tedious by morality.”
—Oscar Wilde (1854–1900)