10:43 AM
Victim Discloses Extramarital Affair With Bernie Madoff
New revelations emerging in the Madoff scandal show how personal relationships and conflicts of interest may have played a role in one charity's investment decisions and led to its victimization in the world's largest Ponzi scheme.Hadassah, the Jewish nonprofit charitable organization, has learned that its former chief financial officer made investment decisions while conducting an extramarital affair with Bernard Madoff. Sheryl Weinstein, the former chief financial officer of Hadassah, has written a memoir about her affair with Bernard Madoff. In the book, "Madoff's Other Secret: Love, Money, Bernie and Me," slated for release by St. Martin's Press at the end of August, Weinstein claims her affair spanned 20 years, though she left the charitable organization in 1997, according to the article.
The charity told The New York Times that it didn't know about the affair at the time that Hadassah made the investments. Hadassah had invested $7 million from a French donor with Madoff, at the unnamed donor's request. The charity invested about $40 million with Bernard Madoff. Hadassah withdrew about $130 million from its Madoff accounts but still had millions on the books when the fraud was exposed in December.
It is interesting that Weinstein is disclosing the affair at this time to promote her book. Weinstein reportedly spoke at Madoff's sentencing hearing in June about the emotional and financial devastation Madoff caused her family, even though he knew her husband and son. Her family was forced to sell their apartment in Manhattan. If the book is a best seller, perhaps that will be some consolation and she will get her sweet revenge while Madoff spends the rest of his life in jail.Hadassah, the Jewish nonprofit organization, has learned that its former chief financial officer made investment decisions while conducting an extramarital affair with Bernard Madoff. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio