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Madoff scandal widens as losses hit multiple groups
The fraud's reach extends to Wilpon and J Ezra Merkin linked units, a Massachusetts charity with an $8 million endowment, and major nonprofits like North Shore Long Island Jewish Health System. Fairfield Greenwich Group reports $7.5 billion in linked investments, and a Swiss bank holds $47.5 million at risk. Fairfield pensions also faced losses, while Houston attorney Harry Susman notes clients entangled via Merkin managed funds. Authorities describe Madoff's scheme as a long running Ponzi operation revealed after the family reported concerns.
MENTIONED IN THIS ARTICLE
Wilpon
J. Ezra Merkin
Gmac Financial Services
Massachusetts
Robert I. Lappin
Madoff
Fairfield
Conn
Harry Susman
Houston
Merkin
Marc Powers
SEC
Powers