A great story in the Boston Globe (as noted by Plan Sponsor) today: “Lappin takes hit for workers.” It describes how an owner and founder of a charity, Ronald Lappin, has restored the 401(k) balances of his employees to the tune of $5 million, after they were hit with losses resulting from the Madoff Ponzi scheme. The article notes that the restoration occurred even though Mr. Lappin’s net worth is only one-tenth of what it was before being impacted by the Madoff disaster. Excerpt:
Lappin himself lost some of his personal fortune to Madoff, and his foundation was forced to briefly close last December after $8 million of its money vanished in what investigators call the largest Ponzi scheme in history.
“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.”