'Ponzi Scheme' Bilks Cash from Kids Group | NBC Connecticut

'Ponzi Scheme' Bilks Cash from Kids Group

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    AP
    The Center for Children’s Advocacy in Hartford, lost $85,000 it invested with Bernard Madoff, the disgraced investor who was recently arrested last week on securities fraud charges.

    There’s more fallout in Connecticut from a New York investor’s alleged Ponzi scheme.

    The Center for Children’s Advocacy in Hartford, lost $85,000 it invested with Bernard Madoff, the disgraced investor who was recently arrested last week on securities fraud charges.

    This is the second round of financial trouble for the center, which helps at-risk children. A state grant to the center was cut in half and the center must cut staff, freeze salaries and suspend several of its programs.

    Madoff surrendered his passport last week and will be required to be at his Manhattan apartment from 7 p.m. to 9 a.m.

    Madoff concocted a $50 billion scheme to defraud investors around the globe, company officials said, prosecutors said.

    The alleged scheme has touched some other Connecticut organizations.

    Other local victims include the Town of Fairfield. Its employees board, along with the police and fire board invested $41,900,000. Fairfield Greenwich Group, a Connecticut-based investment firm invested $7.5 billion with Madoff.