Posen Foundation lost significant money in Madoff scheme

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Posen Foundation lost significant money in Madoff scheme
By Jacob Berkman · January 8, 2009


Felix Posen, who finances the Posen Foundation, a swiss based charity that focuses on developing cultural Judaism and founded the Center for Cultural Judaism, has lost significant money in Bernard Madoff's Ponzi scheme, Haaretz is reporting.


The Posen Foundation continues to operate, but has suspended some payments for new projects until March, when its directors will meet to assess the situation. Posen's wealth was estimated in 2008 by the Sunday Times at some 150 million pounds sterling. Posen is believed to have lost a large portion of his own money invested in the foundation, both through investment in funds related to Madoff and as a result of the economic crisis.
Nevertheless, his son Daniel Posen told TheMarker that although sadly, many philanthropic efforts had been adversely affected, the losses incurred by the Posen family's foundation are not crippling.

A source with knowledge of the situation told JTA that Posen became invested with Madoff through J Ezra Merkin.