Madoff Scheme Hits Central Mass. Philanthropists
Central Massachusetts, like many parts of the United States, was not immune to the allure of high returns promised by the now disgraced Bernie Madoff.
A list of potential victims of Madoff’s investment scheme made last week reveals that several high profile Worcester and Central Massachusetts people and foundations at one time invested with Madoff.
Included in the list of thousands of names are local luminaries and successful business people such as:
• Sumner Feldberg, founder of Zayre Corp., which eventually spun off discount retailer TJX Cos. of Framingham and BJ’s Wholesale Club of Natick
• Nathan Greenberg, founder of the Worcester accounting firm Greenberg, Rosenblatt, Kull & Bitsoli, and his wife Barbara Greenberg, who ran Winter Hill Frozen Foods of Worcester
• Myles McDonough, founder of the Spencer-based FLEXcon
• Charles K. Ribakoff, owner of Harr Motor Group in Worcester
• Robert M. Siff, operator of B-W Footwear of Webster
• Avram J. Goldberg, former chairman and CEO of the Stop & Shop Cos. of Quincy
The WBJ attempted to contact the people noted above this morning. Some declined comment, others could not be reached.
The 163-page list of thousands of names was released as part of a bankruptcy case related to the Madoff Ponzi scheme. The list does not include how much each individual or group invested with Madoff, when they invested, or whether they lost any money. Some entries on the list appear to be out-of-date.
However, a review of IRS documents for local foundations named on the list reveals that some were Madoff investors as recently as 2006 and 2007.
For example, the Worcester-based Siff Charitable Foundation’s IRS filings for 2007 shows that Siff’s foundation had total gains of more than $178,000 through its investment in Bernard L. Madoff Investment Securities LLC.
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