Ponzi Scheme Leads to Demise of Major Sustainable-Food Foundations

December 19, 2008

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Two major sustainable-food foundations have collapsed because the funds of one of its major donors was managed by Bernard Madoff, who has been accused of defrauding his clients of billions of dollars, Grist reports.

The Fair Food Foundation has suspended its operations because the wealth of its donors, Jeanne and Kenneth Levy-Church, has evaporated in Madoff’s Ponzi scheme according to Grist.

JHET Foundation has also collapsed because it also relied on donations from the Levy-Churches.

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