Litwin, Zuckerman lose money to Madoff

December 15, 2008 06:07PM

Leonard Litwin, 94-year-old founder of Glenwood Management and owner of Upper East Side apartment buildings, lost money in Bernard Madoff’s investment scheme. Litwin’s attorney would not say how much of
Litwin’s family investments had been lost. Madoff was arrested December
11 and is accused of losing $50 billion in a hedge fund scheme. Litwin
was introduced to Madoff’s investments by a country club friend, his
attorney said. Boston Properties Chairman Mortimer Zuckerman said his charitable trust lost $30 million investing with Madoff.
Zuckerman’s money was invested by a fund manager hired by the trust,
and Zuckerman said he had no knowledge of the Madoff investment. TRD


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