Philanthropist steps up for Madoff victims

updated 11:48 a.m. ET July 16, 2009

BOSTON - A Massachusetts philanthropist who lost most of his personal fortune in the Bernard Madoff scandal has paid $5 million out of his own pocket to restore the retirement savings of employees who lost money in the multibillion-dollar scam.

Ronald I. Lappin on Wednesday made up for the lost savings of the 60 employees of his company, Shetland Properties Inc., and of his charity, the Robert I. Lappin Charitable Foundation, whose retirement plans were managed by Madoff.

The foundation, which sends Jewish youths to Israel, closed briefly when it lost $8 million in Madoff's pyramid scheme.

Lappin tells The Boston Globe he just wanted to do the right thing.

Lappin says his net worth is less than $10 million, a tenth of what it was before the scandal.

More from msnbc.com RedTape: DirecTV thrives on ‘deception,’ lawsuit says Doctor's mission to save Ethiopian kids' hearts   Bad Santa: Gifts that say you’re old, fat or hairy  What hit Italian prime minister? Take our weekly quiz Send your holiday pictures to troops Send us your memories and images of the past decade

MORE FROM GIVING

Giving Section Front

Marlo Thomas: A passion for sick kids ConsumerMan: Giving charity gift cards ‘Secret Santas’ take care to hide identities Mystery pair at diner spark cascade of giving Stephen King pays for troops’ holiday trip Charities still stung by Madoff scandal Rocsi Diaz revives Katrina-ravaged schools Letters to Santa full of chuckles, but also tears ‘Dukes of Hazzard’ charity sues Warner Bros. ‘Three Cups of Tea’ advice for Obama Giving Section Front   Add Giving headlines to your news reader: