Report: Baptist Foundation lost $1.4M in Madoff fraud
Associated Press - January 22, 2009 11:05 AM ET
OKLAHOMA CITY (AP) - The Baptist Foundation of Oklahoma has lost $1.4 million in the Bernard Madoff investment fraud case.
Among the foundation's clients is Oklahoma Baptist University where officials say the scheme has cost OBU about $600,000.
Madoff is the New York investor who has reportedly confessed to running a giant Ponzi scheme that's cost clients an estimated $50 billion.
Baptist Foundation President and CEO Robert Kellogg says the loss is less than 1% of its assets but is still a lot of money.
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