Connecticut Attorney General to Investigate Charities in Madoff Scandal

As if losing billions in the Madoff investment scandal wasn’t enough, Forbes reports that Richard Blumenthal, attorney general for the state of Connecticut, may investigate whether trustees of the charities that invested with Madoff violated their fiduciary duty.

“If they failed recklessly to do the necessary due diligence, we would certainly investigate and take action,” Blumenthal told Forbes.com. “If the claim is that a trustee or a board member or that the board itself failed in its fiduciary responsibilities, there would be legal action and they could be held personally and financially responsible.”

JDC