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The foundation also contributed to many educational, cultural, and health charities, including those later forced to close because of Madoff’s fraud. After Madoff’s arrest, the assets of the Madoff Family Foundation were frozen by a federal court. Peter Madoff remained the targets of a tax fraud investigation by federal prosecutors, according to The Wall Street Journal. David Friehling, Bernard Madoff’s tax accountant, who pleaded guilty in a related case, was reportedly assisting in the investigation.
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Members of the Madoff family have served as leaders of the Securities Industry and Financial Markets Association , the primary securities industry organization. Bernard Madoff served on the board of directors of the Securities Industry Association, a precursor of SIFMA, and was chairman of its trading committee. He was a founding board member of the Depository Trust & Clearing Corporation subsidiary in London, the International Securities Clearing Corporation. From 1991 to 2008, Bernie and Ruth Madoff contributed about $240,000 to federal candidates, parties, and committees, including $25,000 a year from 2005 through 2008 to the Democratic Senatorial Campaign Committee. The committee returned $100,000 of the Madoffs’ contributions to Irving Picard, the bankruptcy trustee who oversees all claims, and Senator Chuck Schumer returned almost $30,000 received from Madoff and his relatives to the trustee.
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