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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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
