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No Hollywood ending in Madoff investment case

December 17, 2008|E. Scott Reckard, Rachel Abramowitz and Claudia Eller

United Jewish Congress President Richard Gordon said in a statement that money also had been lost from a separate independent fund administered by the United Jewish Congress containing a bequest from the estate of the late Lillian and Martin Steinberg. That fund had been used to support Israel.

"Sadly, Mr. Madoff did not return the trust they placed in him," Gordon said. "It is our belief that all of the money . . . that was invested with Mr. Madoff has been lost."

For The Record
Los Angeles Times Saturday, December 20, 2008 Home Edition Main News Part A Page 2 National Desk 1 inches; 37 words Type of Material: Correction
Also, an article in Section A on Wednesday about the Madoff scandal misidentified the American Jewish Congress as the United Jewish Congress. The article also misspelled the last name of Reed Kathrein, an investor's attorney, as Kathrien.

The Times reported Monday that the Jewish Community Foundation of Los Angeles, a nonprofit asset manager for philanthropies, had suffered $18 million in Madoff-related losses. The foundation's chief executive, Marvin Schotland, said the decision to invest with Madoff had been made by a volunteer committee with assistance from paid financial advisory firm Cambridge Associates.

On Tuesday, a Cambridge Associates spokeswoman said the Jewish Community Foundation had begun investing with Madoff four months before the organization hired Cambridge in July 2004. Cambridge "never recommended direct investments in Madoff's funds" to clients, according to a statement issued by the spokeswoman.

Nevertheless, "certain of their clients chose to invest in his funds based on the advice of their investment committees or personal relationships with him," the statement said. "Cambridge Associates encouraged their clients to limit their exposure to Madoff when they chose to invest, and unfortunately, a small number of their clients invested with Bernard Madoff on their own accord."

A spokeswoman for the Jewish Community Foundation declined to comment Tuesday.

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scott.reckard@latimes.com

rachel.abramowitz@latimes.com

claudia.eller@latimes.com

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(BEGIN TEXT OF INFOBOX)

Madoff's investors

Here is a list of companies, organizations and individuals that have said they lost money in Bernard Madoff's alleged Ponzi scheme:

Amount reported lost (in millions)

Amount reported lost (in millions)

Fairfield Greenwich Group / New York

$7,500

Grupo Santander / Spain

3,200

Bank Medici / Austria

2,100

HSBC Holdings / Britain

1,000

Natixis / France

617

Royal Bank of Scotland Group / Britain

612

BNP Paribas / Paris

480

BBVA / Spain

452

Man Group / Britain

360

Reichmuth & Co. / Switzerland

332

Nomura Holdings / Japan

304

MassMutual's Rye Investment Management / Rye, N.Y.

200

Aozora Bank Ltd. / Japan

137

Credit Mutuel CIC / France

122

Dexia / Belgium and France

115

Unicredit / Italy

103

Benedict Hentsch & Cie / Switzerland

48

Fairfield town boards / Fairfield, Conn.

42

Mortimer B. Zuckerman Charitable Remainder Trust

30

Jewish Community Foundation of Los Angeles

18

Phoenix Holdings / Israel

15

Harel Insurance Investments & Financial Services / Israel

14

Robert I. Lappin Charitable Foundation / Salem, Mass

8

Nordea / Sweden

7

Jewish Federation of Greater Los Angeles

6

Neue Privat Bank / Switzerland

5

Chais Family Foundation / Encino and Israel

N/A

Credit Agricole / France

N/A

Fortis Bank / Netherlands

N/A

Fred Wilpon (New York Mets owner)

N/A

Irwin Kellner (MarketWatch.com economist) / New York

N/A

J. Ezra Merkin (GMAC Financial Services chairman) /

New York

N/A

Massachusetts state pension fund

N/A

Mortimer B. Zuckerman Charitable Remainder Trust

N/A

Norman Braman (Philadelphia Eagles ex owner) / Miami

N/A

Sen. Frank Lautenberg family foundation / New Jersey

N/A

Societe Generale / France

N/A

Union Bancaire Privee / Switzerland

N/A

Wunderkinder Foundation (Steven Spielberg charity) /

Los Angeles

N/A

Yeshiva University / New York

N/A

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Sources: Associated Press, Times research, Boston Globe and Newsday

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