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Madoff Fallout in Chicago

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Money manager Bernard Madoff is accused of duping investors out of $50 billion. And at least one Chicago-area agency is feeling the effect of the alleged fraud.

The Heartland Alliance’s National Immigrant Justice Center in Chicago was awarded a $720,000 grant this year from the JEHT foundation, a New York organization that funded groups working to reform the criminal justice system. But the Madoff scandal has forced JEHT to stop all grant making; JEHT’s donors invested with Madoff. Which means the Heartland Alliance won’t get two-thirds of the money it was counting on, it had already received the first third. Mary Meg McCarthy is with the organization.

MCCARTHY: I think it’s going to be a challenge in the next couple of months. I think we’re going to have to mobilize our sources to make up for this gap.

The grant money was slated for a project that advocated for legal rights for non-citizens.

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