UJC STATEMENT ON MADOFF CASE
Dec. 15, 2008
United Jewish Communities/the Federations of North America expresses its support and sympathy for the individuals and philanthropies affected by the alleged Madoff investment fraud.
No UJC assets were invested in any Madoff fund. We will work with federations, affiliated agencies, and others to ensure that endowments continue to meet standards of full transparency, prudence, and appropriate fiduciary care.
UJC has begun to survey federations to determine the extent of the system’s financial exposure and will explore ways to support those impacted by this tragedy. We recognize that many outstanding members of the Jewish philanthropic community are victims and we are especially saddened that this fraud will impact so many who have done so much with their own resources to help the most vulnerable among us.
We will continue to keep the federation system updated about this situation and will work to support the efforts of federal and local officials to recover as much of the assets as possible.