Skip to main content

Madoff Victim Does The Unthinkable

In a tale almost too bizarre to be true, one of King Ponz's victims is stepping up to the plate and covering his employees' Bernie-related losses with his own money. Robert Lappin is shelling out $5 million to cover the fraud related 401(k) losses for the 60 employees that work for him at Shetland Properties Inc and his private charity, the Robert I. Lappin Charitable Foundation.

"I wanted to do the right thing,'' Lappin said. "And, I feel, I've done the right thing and that to me is my reward.''

One down, 15,399 or so to go until Joe Nocera is happy.