Madoff victim makes good on losses to his employees
Filed under: People, Investing
At least one millionaire who lost money in the Bernard Madoff fraud is trying to repay some victims. Ronald Lappin, a Boston philanthropist is using $5 million of his own money to pay back his employees, many of whom who lost their retirement nest eggs to Madoff. He plans to restore funds to 60 employees of his company, Salem-based Shetland Properties. He will also restore lost funds to his private charity, The Robert I. Lappin Charitable Foundation. Luckily Lappin only invested some of his fortune with Madoff, but employee' lost their 401(k) plans and the foundation lost $8 million to Madoff.
Lappin's foundation closed briefly in December after losing the $8 million. The foundation supports Jewish education and culture on the North Shore in the Boston area. Lappin has restored the funding for 17 programs in education, interfaith outreach and family development. Last Sunday, the foundation helped to sponsor a trip for 82 Jewish teens to Israel after raising $450,000 in private donations for the Youth to Israel program.
"I wanted to do the right thing," Lappin told the Boston Globe. "And, I feel, I've done the right thing and that to me is my reward." Lappin's company has been in business for 51 years. Madoff devastated Lappin's investment portfolio, which is now less than $10 million, about a tenth of what it was before the scandal.
Even if the Madoff family doesn't understand what it means to pay back people you've hurt, Lappin certainly showed that he's willing to go above and beyond by restoring both the foundation and his employees' retirement funds. With any luck, the Madoff family will learn from his example.
Lappin's foundation closed briefly in December after losing the $8 million. The foundation supports Jewish education and culture on the North Shore in the Boston area. Lappin has restored the funding for 17 programs in education, interfaith outreach and family development. Last Sunday, the foundation helped to sponsor a trip for 82 Jewish teens to Israel after raising $450,000 in private donations for the Youth to Israel program.
Even if the Madoff family doesn't understand what it means to pay back people you've hurt, Lappin certainly showed that he's willing to go above and beyond by restoring both the foundation and his employees' retirement funds. With any luck, the Madoff family will learn from his example.
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Reader Comments (Page 1 of 4)
7-15-2009 @ 5:47PM
xxx said...
that guy is awesome!
Reply
7-15-2009 @ 6:43PM
Rich said...
Yea he's great alright, you invest your employee's 401k
without them knowing it to a peice of sh-t like Madof and you better be giving them there money back. It's what I call a lawsuit waiting to happen !!!!
7-15-2009 @ 9:52PM
Lizard said...
I'm taking bets that this guy knew Madoff was running a Ponzi scheme and willingly bet his employees money on it.
7-16-2009 @ 2:18AM
LeeAnn said...
My hat is off to this Gentleman RONALD LAPPIN. Atleast this is a man with a conscience. Someone who has a heart and knows to do the right thing!
You would think that every major and minor affiliate of ABC, CBS, FOX and NBC would run with this story across the nation. The same goes for CNN, MSNBC etc.
The problem is this is a "feel good" story and "nice" news doesn't sell or attract viewers like garbage news does. How sad that is what our media has become.......a CATERER OF CRAP!!!!! But the worst part of it....they cater crap because that is what the majority wants to see, hear and read.
RONALD LAPPIN, you deserve to have your name plastered on every major headline across the Nation and then some! I certainly hope that someone publicly recognizes what you did!
YOU ARE WHAT HUMANITY IS ALL ABOUT!!!!!!!!!!! May you live a long, happy, healthy and safe life!!!!
7-16-2009 @ 7:35AM
mike said...
WOW I guess there are a few rich people that are not greedy.I think all of madoff family should be in jail they are all scum and they all knew
7-15-2009 @ 6:06PM
marshall said...
Usually I'm critical of rich people, But , helping his employees that are in trouble and helping children is truly a noble act. Thank You.
Reply
7-15-2009 @ 6:23PM
Jeff said...
Wow, that is one really nice guy. Now only if Madoff's offspring would step up and do the same thing. Try to clear their name.
Hmm, wonder why the kids didn't take Mom into one of their houses?
Reply
7-15-2009 @ 6:13PM
Bob Joyce said...
God bless Mr Lappin, I wish there more like him.
Reply
7-15-2009 @ 6:19PM
georgestooper said...
If some loser steals $25 out of a cash register at a gas station, he'll get sent to a filthy, violent s--hole of a prison and come out of the place a ruthess killer. Madoff steals $50 billion, ruins the lives of thousands of people, and he gets sent to a rustic bed and breakfast, where he'll get all the weekend passes he wants and al the gefilte fish he can stuff his face with. It is to laugh.
Reply
7-22-2009 @ 2:38PM
smvisa@aol.com said...
Hey, George. The gefilte fish comment was a not-so-thinly-veiled anti-semitic remark.
7-15-2009 @ 6:43PM
Ursula said...
GOD BLESS MR. LAPPIN!!!!
Reply
7-15-2009 @ 6:54PM
Donna said...
Hmmm.....
Reply
7-16-2009 @ 6:31AM
Amy said...
What a good guy. Now, could Rick Wagoner give some of his 10 million dollar retirement package to the dealers who were screwed by GM?
Reply
7-15-2009 @ 10:23PM
gary said...
this is real fishie something really smells.
Reply
7-16-2009 @ 7:40AM
catbrat said...
Oh, yeah... Why? Because you've never met someone who is genuinely giving and doesn't do it for accolades. Maybe you're a racist?? In that case, your comments aren't worth anything.
7-15-2009 @ 7:11PM
Ray said...
Give that man a cigar.
Reply
7-15-2009 @ 7:35PM
gatolulu said...
If you torture him he will talk and will tell where the stolen money is. Learn from "24". Do as Kack does to his victims.
Reply
7-15-2009 @ 7:36PM
gatolulu said...
Jack, not Kack...
Reply
7-15-2009 @ 7:42PM
meriem said...
please here we go rich helping rich what about giving some woman with children in shelters some cash to get started ohhhhhhhhhhh plzzzzzz let all those greedy people who would have never been a part of that if they were not so greedy pay the price stop feeling sorry for the rich they will never learn help the people who really need it i dont feel sorry for someone with 25 million losing 15 of it because of greed i feel for the woman who lost her job an apt an has 4 kids ending up in a shelter
Reply
7-16-2009 @ 7:45AM
Steve said...
He didn't have to do that, what a wonderful man! If more people "pay it forward" as he is doing, the world would be a better place.
Doesn't matter his religion, his empolyess came from ALL walks of lives. He WILL be rewarded in Heaven!!
Bless you Mr. Ronald Lappin!! Good news for once!!