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Madoff scandal hit Frist Center foundation
By Chas Sisk • The Tennessean • February 4, 2009
The foundation that helps fund the Frist Center is among the investors who have lost money in an alleged $50 billion Ponzi scheme.
The Frist Center for the Visual Arts Foundation had a little more than $1 million in a hedge fund operated by Darien, Conn.-based Maxam Capital Management, a firm that is being investigated by investors for its role in the providing funds to disgraced investor Bernard Madoff, according to a filing with the Internal Revenue Service.
Yesterday, the attorney responsible for liquidating Madoff’s firm, said he had recovered about $946 million of the $50 billion believed to have been invested with Madoff.
The Frist’s investment was one of several disclosed in IRS records. It produced $47,122 in income in 2007 and amounted to slightly less than 5 percent of the foundation’s $22.6 million in assets.
Peter Bird, the foundation’s treasurer, could
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