logo
    • Magazine
    • Membership
    • Donate
  • Racial Justice
  • Economic Justice
    • Collections
  • Climate Justice
  • Health Justice
  • Leadership
  • CONTENT TYPES
  • Subscribe
  • Webinars
    • Upcoming Webinars
    • Complimentary Webinars
    • Premium On-Demand Webinars
  • Membership
  • Submissions

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

Ruth McCambridge
September 28, 2010
Share
Tweet
Share
Email
Print

 

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.

Sign up for our free newsletters

Subscribe to NPQ's newsletters to have our top stories delivered directly to your inbox.

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

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

 

Share
Tweet
Share
Email
Print
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.

More about: Nonprofit News

Become a member

Support independent journalism and knowledge creation for civil society. Become a member of Nonprofit Quarterly.

Members receive unlimited access to our archived and upcoming digital content. NPQ is the leading journal in the nonprofit sector written by social change experts. Gain access to our exclusive library of online courses led by thought leaders and educators providing contextualized information to help nonprofit practitioners make sense of changing conditions and improve infra-structure in their organizations.

Join Today
logo logo logo logo logo
See comments

Spring-2023-sidebar-subscribe
You might also like
How Policy Is Building a Social Economy in South Korea
Minsun Ji
Nonprofits and Movements: How Do the Two Relate?
Steve Dubb
Human-Centered Design for Behavioral Health
Sonia Sarkar
Pro-Black Organizations Lead the Way for Workplace Mental Health and Wellbeing
Nineequa Blanding
Sustainability Starts at Home: Growing Inner-City Food Ecosystems
Pastor Keith Davis
What Nigeria Can Teach the US About Food Insecurity
Chidinma Iwu

NPQ Webinars

April 27th, 2 pm ET

Liberatory Decision-Making

How to Facilitate and Engage in Healthy Decision-making Processes

Register Now
You might also like
AOC’s “Tax the Rich” Dress Dazzles Met Gala, while...
Anastasia Reesa Tomkin
Foundation Giving Numbers for 2020 Show 15 Percent Increase
Steve Dubb
Strike MoMA Imagines Art Museums without Billionaires
Tessa Crisman

Like what you see?

Subscribe to the NPQ newsletter to have our top stories delivered directly to your inbox.

See our newsletters

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

NPQ-Spring-2023-cover

Independent & in your mailbox.

Subscribe today and get a full year of NPQ for just $59.

subscribe
  • About
  • Contact
  • Advertise
  • Copyright
  • Careers

We are using cookies to give you the best experience on our website.

 

Non Profit News | Nonprofit Quarterly
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.