Philanthropist repays Madoff investors
Published:Thursday | July 16, 2009 | 6:45 PM
A philanthropist from Massachusetts in the US has paid over 5 million of his own money to restore the retirement savings of 60 of his employees who lost money in the Bernard Madoff multibillion dollar scam.
Ronald Lapping is said to have also lost most of his personal fortune in the scam.
The Ronald Lapping Charitable Foundation, which he founded, was forced to close briefly when it lost $8 million in Madoff\'s Ponzi scheme.
The foundation sends Jewish youths to Israel.
Mr Lappin said his net worth is now less than 10 million, a tenth of what it was before the scandal.