Thursday, August 2, 2012
The Chronicle of Philanthropy is reporting that the Fidelity Charitable Gift Fund returned contributions of $176,000 from the Deborah and Andrew Madoff Foundation and $79,000 from the Mark and Stephanie Madoff Foundation in early 2011, two months after the groups made the gifts to help meet their legal obligation to distribute 5 percent of their assets. Both organizations were founded by the sons of disgraced financier Bernard Madoff.
According to the Chronicle, Fidelity declined to comment on its decision to return the donations. However, experts said the firm may have concluded it was risky to take money linked in any way with the Madoff name.
Now, that's interesting!