Madoff Scam Zaps Key Science Funds

Medical research set back years as bilked charities slash aid
By Rob Quinn,  Newser Staff
Posted Feb 12, 2009 2:23 AM CST
In this Wednesday, Jan. 14, 2009 file photo, Bernard L. Madoff, the accused mastermind of a $50 billion Ponzi scheme, leaves Federal Court in New York.    (AP Photo/Stuart Ramson, file)
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(Newser) – Bernard Madoff's alleged Ponzi scheme is sending shockwaves deep into the worlds of medicine and science as scammed charitable foundations yank funding for key research projects, reports the Wall Street Journal. Experts believe the number of people affected by the scam's impact on health care could run into the millions.

Labs working on medical research fear they will have to cancel promising projects and lay off workers, setting them back years. "We could be inches away from that breakthrough that could change the lives of millions of people, and Madoff pulled the rug out from underneath us," said a member of a research consortium on Parkinson's disease.