The Boston Globe reported Ronald I. Lappin on Wednesday began restoring balances to 60 employees of his company, Shetland Properties, Inc., and of his private charity, The Robert I. Lappin Charitable Foundation.
According to the newspaper, the employees’ 401(k) plans, as well as the foundation’s money and some of Lappin’s personal wealth was managed – and lost – by Madoff.
“I wanted to do the right thing,” Lappin told the Globe. “And, I feel, I’ve done the right thing and that to me is my reward.”
Lappin has owned Shetland Properties, Inc., for 51 years. He said his net worth is now less than $10 million, a tenth of what it was before the scandal.
« Cerulli Estimates Hedge Funds to Grow Faster than Mutual Funds