Posted by: Martin Fox | July 16, 2009

Mass. philanthropist steps up for Madoff victims

Ronald I. Lappin has become one of our newest “favorite people.” Ronald took $5 million out of his own pocket to restore the retirement savings of his employees. Does anyone question his commitment to his employees? Great story… I get the feeling recruiting won’t be a problem for him in the Boston market.

Peace out – Martin Fox with the Center for Global Leadership.

Mass. philanthropist steps up for Madoff victims
From the Boston Globe Online…

BOSTON – A Massachusetts philanthropist who lost most of his personal fortune in the Bernard Madoff scandal has paid $5 million out of his own pocket to restore the retirement savings of employees who lost money in the multibillion dollar scam.

Ronald I. Lappin on Wednesday made up for the lost savings of the 60 employees of his company, Shetland Properties Inc., and of his charity, the Robert I. Lappin Charitable Foundation, whose 401(k) plans were managed by Madoff.

The foundation, which sends Jewish youths to Israel, closed briefly when it lost $8 million in Madoff’s Ponzi scheme.

Lappin tells The Boston Globe he just wanted to do the right thing.

Lappin says his net worth is less than $10 million, a 10th of what it was before the scandal.

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Responses

  1. Though Lappin’s net worth may have declined to a 10th of what it once was, it is my hope that his sense of self-worth is soaring. It’s people like this who serve as an inspiration to others and a reminder of the goodness that still reigns in this world. It’s out there! Sometimes you just have to look a little harder.


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