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World Jewish News
Elie Wiesel Foundation Loses Almost All Assets in Madoff Scheme
25.12.2008
The Foundation for Humanity established by Nobel laureate for peace and writer Elie Wiesel lost nearly all of its assets in the fraud scheme run by Bernard Madoff, as reported by AFP.
On Wednesday, December 24, the leadership of the fund issued a statement to inform that the Elie Wiesel Foundation for Humanity had around 15.2 million dollars, "nearly all the assets we possessed", invested into Madoff's company, which turned out to be a financial pyramid. "We are deeply saddened and distressed that we, along with many others, have been the victims of this major financial fraud," - the statement says. Still the Foundation is determined to continue its work despite financial losses.
Elie Wiesel created the foundation which bears his name some 20 years ago. The tasks of this public organization include fighting anti-Semitism and promoting tolerance.
The investors' losses from Madoff's financial pyramid by Madoff are initially estimated as 50 billion dollars. Among the victims of this fraud is the richest woman in the world - the heiress of L'Oreal cosmetic empire Lillian Betancur, movie producer Stephen Spielberg and American media oligarch Mortimer Zuckerman.
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