Small Philly college started by former SEC lawyer's dad had money with Bernie Madoff, too

The New York Daily News reports:

Ten years ago, a Boston-based investment analyst named Harry Markopolos alerted the Securities and Exchange Commission about the fraudulent stock-trading activities of an SEC-registered broker/dealer named Bernie Madoff. The SEC looked into Markopolos' complaints, and found nothing worthy of the attention of its general counsel, David M. Becker.

Around the same time, a small advisory committee at a tiny rabbinical college just outside Philadelphia - founded and guided in part by Becker's father, Sidney B. Becker - reviewed its investment portfolio, including endowment funds it had with Bernard L. Madoff Investment Securities through a feeder fund called Fairfield Greenwich Group.

"This is too good to be true," said one committee member, the late Ronnie Selbst, who was disturbed that the documentation could in no way support a return that approached 20%. "When this thing blows up, we don't want to be part of it."

You'll want to read this one.