Posted on 22nd July 2009
Prominent Boston philanthropist Robert Lappin has donated $5m (£3m) to restore the retirement savings of around 60 employees of the family’s business dynasty, which were invested with convicted fraudster Bernard Madoff, reports The Boston Globe.
Lappin and family invested all their employees’ retirement plans with Madoff more than a decade ago, the paper said. The Robert I Lappin Charitable foundation also lost $8m that was invested with Madoff.
Lappin told The Boston Globe, “At least from the feedback, they feel very grateful and happy, which makes me feel very happy,’’ adding, “So far no kisses, but I have had some hugs.’’
Lappin has also raised $450,000 (£275,000) to restore his foundation’s Youth To Israel travel programme, which sends Jewish teens on free pilgrimages to Israel.
Lappin has given more than $30m to Jewish causes in Massachusetts.
