Senator Calls for Attorney General Investigation
Senator Kevin O’Toole (R-40) is looking into what can be done to protect philanthropic organizations from being exploited by unscrupulous “money managers” such as Bernard Madoff. He also called for the state Attorney General to pursue criminal charges and civil litigation if an investigation reveals that Madoff has stolen from charities and other investors in our state.
Mr. Murdoff ran an investment fund that investigators are now calling a $50 billion Ponzi scheme. Federal authorities arrested Madoff last week and charged him with cheating investors that included charitable foundations and organizations.
“As soon as it became clear that this one man’s greed would force charities to close their doors or cut back on services vital during this economic downturn, I immediately began to look for ways that New Jersey could prevent this type of tragedy from occurring ever again,” O’Toole stated. “The State Attorney General should investigate and determine if state charges are necessary to hold all those involved accountable. If new legislation is required, I will introduce it and champion its immediate passage. The ripple effect of this man’s behavior will felt by charities and the people they help for years. The harm that has been caused in our state is immeasurable.”
Nonprofit and charity organizations rely on the funding from individuals and foundations that have reportedly lost millions because of Mr. Murdoff’s schemes. It has been reported that several charitable foundations have lost most and sometimes all of their assets.
“Due to the current economic environment donations to charities and philanthropic groups are down while the demand for their services is on the rise. The loss of even more funding, especially such huge amounts, will be noticed. I intend to do what I can to pass safeguards that will help ensure this type of scam becomes impossible to pull in our state.”
Senator O’Toole is also asking that any political campaign or elected official that received campaign contributions from Bernard Madoff to send the amount they received to the charities that have been affected by the scandal.
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July 22, 2009
