Former Hadassah Exec Says She Had an Affair With Madoff

By JTA

Published August 13, 2009.
  • Print
  • Share Share

A former chief financial officer at Hadassah is claiming that she had an affair with Bernard Madoff.

Sheryl Weinstein reportedly makes the claim in her book “Madoff’s Other Secret: Love, Money, Bernie, and Me,” which is set to be published Aug. 25 by St. Martin’s Press.

Weinstein, an accountant, has said previously that she lost her family’s savings by investing with Madoff and claimed to have first met the confessed swindler when working at Hadassah. The Jewish women’s organization has said that it invested $40 million with Madoff from 1988 to 1997.

By the time federal authorities exposed the Ponzi scheme last year, Hadassah believed the value of the portfolio had grown to $90 million, not including $130 million that it had pulled out over the years.

Both Weinstein and Hadassah have said that the first $7 million the organization invested with Madoff in 1988 came from a donor who insisted the money be handled that way. Hadassah invested another $33 million with Madoff by 1996, the year before Weinstein left the organization.

Hadassah continued to maintain a portfolio with Madoff after Weinstein’s departure, but never put additional money into the account, according to the organization.

Weinstein served on the Hadassah committee that decided to invest with Madoff, but a spokesperson for the organization said she was one of many members on the committee.

According to the spokesperson, the organization did not know of the alleged affair during Weinstein’s tenure at the organization, and her departure was unrelated to Madoff.

Hadassah is “moving on” from Madoff, the spokesperson said, noting that the organization recently received a $1 million gift and is close to securing two more.






Find us on Facebook!
  • "You wouldn’t send someone for a math test without teaching them math." Why is sex ed still so taboo among religious Jews?
  • Russia's playing the "Jew card"...again.
  • "Israel should deal with this discrimination against Americans on its own merits... not simply as a bargaining chip for easy entry to the U.S." Do you agree?
  • For Moroccan Jews, the end of Passover means Mimouna. Terbhou ou Tse'dou! (good luck) How do you celebrate?
  • Calling all Marx Brothers fans!
  • What's it like to run the Palestine International Marathon as a Jew?
  • Does Israel have a racism problem?
  • This 007 hates guns, drives a Prius, and oh yeah — goes to shul with Scarlett Johansson's dad.
  • Meet Alvin Wong. He's the happiest man in America — and an observant Jew. The key to happiness? "Humility."
  • "My first bra was a training bra, a sports bra that gave the illusion of a flat chest."
  • "If the people of Rwanda can heal their broken hearts and accept the Other as human, so can we."
  • Aribert Heim, the "Butcher of Mauthausen," died a free man. How did he escape justice?
  • This guy skipped out on seder at his mom's and won a $1 million in a poker tournament. Worth it?
  • Sigal Samuel's family amulet isn't just rumored to have magical powers. It's also a symbol of how Jewish and Indian rituals became intertwined over the centuries. http://jd.fo/a3BvD Only three days left to submit! Tell us the story of your family's Jewish heirloom.
  • British Jews are having their 'Open Hillel' moment. Do you think Israel advocacy on campus runs the risk of excluding some Jewish students?
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.