CHICAGO - THE Picower Foundation, a charity that supports programmes ranging from medical research to education, said it was shutting down because of losses from investments with Bernard Madoff.
The foundation's assets, which were listed at more than US$1 billion (S$1.46 billion), were managed by Madoff, the fund manager accused in a US$50 billion fraud.
IOC has nearly US$5 million tied to Madoff
LONDON - THE International Olympic Committee could lose nearly US$5 million (S$7.3 million) in investments because of the Madoff financial scandal.
IOC finance commission chairman Richard Carrion tells The Associated Press the Olympic body has about US$4.8 million tied to the multibillion dollar Ponzi scam by New York financier Bernard Madoff.
'This act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic foundations and nonprofit organisations,' foundation President Barbara Picower said in a statement on Friday.
'We deeply regret that in such a harsh economic climate, we will be unable to support the profoundly important programmes and organisations that have helped us further the Foundation's mission.'
Madoff, who was arrested on Dec 11, is accused of running a global Ponzi scheme, where earlier investors are paid off with investments of newer clients. The fund manager was put under 24-hour detention in his Manhattan apartment.
The scam has affected businesses and charities around the world.
Tufts University in Medford, Massachusetts, has written off a US$20 million investment it made with Madoff Securities, according to a letter from Mr Lawrence Bacow, president of the university.
The investment accounted for less than 2 per cent of the university's endowment, Mr Bacow said.
The Picower Foundation has distributed more than US$268 million in grants to organisations around the United States.
Organisations that have received funding include the Picower Institute for Learning and Memory at the Massachusetts Institute of Technology as well as Human Rights First.
The foundation also has provided funding for the New York Public Library, the Children's Health Fund and the Palm Beach County School district. -- REUTERS
