A2: Madoff

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Bloomberg News reports that foundations that invested with Bernard Madoff, the New York financier accused of operating a massive Ponzi scheme, have given away millions to nonprofit institutions – including to the Ann Arbor Area Community Foundation and the University of Michigan. In 2007, the AAACF received $15,000 from the Betty and Norman F. Levy Foundation, which invested with Madoff, and UM received $2.08 million from the Wilpon Family Foundation, according to Bloomberg. [Source]