Fraud scheme hits university funding

January 18, 2009 13:34


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The shock waves from Wall Street businessman Bernard Madoff's $50 billion investment fraud have now spread as far as the Open University in Ra'anana, reports The university has lost almost $1 million in funding because one of its most important donors, the Stanley Chase fund, lost all its money in the scheme and has been forced to close down. According to the report, the Chase fund paid for the recently built campus in Ra'anana and provided scholarships for students injured in the Second Lebanon War in 2006, as well as funding two continuing projects at the university: the Russia Project, a program to provide former Soviet students with a first degree, and the university's five-year-old Chase research center. A university official said the damage was "very great and can only be measured exactly in the future." The official said the university was now weighing up how best to proceed.

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