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Nonprofit Newswire | Litwin Foundation Sues SEC for Failing to Stop Madoff

Ruth McCambridge
September 28, 2010

 

September 27, 2010; Source: Courthouse News | The Litwin Foundation, which funds cultural institutions in New York, has filed a $19 million lawsuit (The Litwin Foundation v. United States of America, 10-CV-7367, U.S. District Court, Southern District of New York) against the federal government charging that the SEC acted with “gross negligence” when it failed to uncover Bernhard Madoff’s $65 billion Ponzi scheme.

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According to the 68-page complaint, SEC staff “committed numerous negligent, non-discretionary acts and inactions due chiefly to their inexperience, incompetence, bureaucratic pettiness, laziness, inattentiveness, and an agency culture of deference to powerful industry figures.” In February, on the Madoff Memos blog, it was reported that the Litwin Foundation had lost $69 million because of Madoff. In service of full disclosure, I suspect that the Litwins are related to me.—Ruth McCambridge

 

About the author
Ruth McCambridge

Ruth is Editor Emerita of the Nonprofit Quarterly. Her background includes forty-five years of experience in nonprofits, primarily in organizations that mix grassroots community work with policy change. Beginning in the mid-1980s, Ruth spent a decade at the Boston Foundation, developing and implementing capacity building programs and advocating for grantmaking attention to constituent involvement.

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