The disgraced investment guru is accused of orchestrating a $50 billion Ponzi scheme that preyed heavily on fellow Jews and ultimately drained the fortunes of numerous Jewish charities and institutions.
There's nothing new about con artists targeting their own kind. There's even a word for it — affinity fraud — and it has struck numerous religious, ethnic and professional groups.
But the allegations against Madoff are particularly wrenching for some in the Jewish community, who fear that the sensational case is fanning vicious stereotypes about Jews that go back to the Middle Ages.
The Anti-Defamation League cites a spike in anti-Semitic comments online after Madoff's Dec. 11 arrest. A columnist for the Israeli newspaper Haaretz lamented the case as "the answer to every Jew-hater's wish list."
And the American Jewish Committee's executive director, David A. Harris, wrote a letter to The New York Times criticizing what he saw as "a striking emphasis" on Madoff's faith in one of the paper's many stories about the scandal.
The case is "fodder for the bigots," Abraham H. Foxman, the ADL's national director, said in an interview this week with The Associated Press. "It's both embarrassing and it's painful."
It's difficult to describe the case in any detail without mentioning Madoff's religion. The 70-year-old money manager and former Nasdaq stock market chairman donated hundreds of thousands of dollars a year, much of it to Jewish causes. And many of the known victims of his business, Bernard L. Madoff Investment Securities, are big names in Jewish life.