Majority of Foundations Defrauded by Madoff Had Four or Fewer Trustees

More than 80 percent of foundations that lost between 30 to 100 percent of their assets to Bernard Madoff’s Ponzi scheme had fewer than five trustees serving on their boards. This was one of the findings in "Learning from Madoff: Lessons for Foundation Boards," a white paper by the National Committee for Responsive Philanthropy. ECFA