Madoff victim makes good on losses to his employees
Lappin's foundation closed briefly in December after losing the $8 million. The foundation supports Jewish education and culture on the North Shore in the Boston area. Lappin has restored the funding for 17 programs in education, interfaith outreach and family development. Last Sunday, the foundation helped to sponsor a trip for 82 Jewish teens to Israel after raising $450,000 in private donations for the Youth to Israel program.
"I wanted to do the right thing," Lappin told the Boston Globe. "And, I feel, I've done the right thing and that to me is my reward." Lappin's company has been in business for 51 years. Madoff devastated Lappin's investment portfolio, which is now less than $10 million, about a tenth of what it was before the scandal.
Even if the Madoff family doesn't understand what it means to pay back people you've hurt, Lappin certainly showed that he's willing to go above and beyond by restoring both the foundation and his employees' retirement funds. With any luck, the Madoff family will learn from his example.