Shapiro family speaks out on Madoff

Carl Shapiro, the Boston philanthropist who has lost nearly half of his charitable foundation's assets at the hands of New York investor Bernard L. Madoff, today issued his first public statement on the matter, saying he was was "stunned and saddened to learn about the allegations" against his old friend.

"It is devastating to think that so many charities, individuals and institutions that had put their trust in Mr. Madoff have had their lives so negatively impacted,'' Shapiro said in the statement.

The Carl & Ruth Shapiro Family Foundation lost about $145 million entrusted to Madoff, the Globe has reported. And the Shapiros have additionally lost part of their personal fortune, according to people who know them.

In his statement, Shapiro sought to distance himself from Madoff, the New York investor who confessed last week to losing $50 billion of his clients' funds in a Ponzi scheme. He said in the statement, "Though I have had a personal relationship with Mr. Madoff for more than 50 years, any decisions I or my family foundation made to invest with him were based on his apparent business acumen, sense of integrity and commitment to sound investing principles.

"I also want to be abundantly clear that at no time did I ever formally introduce individuals as potential investors with Mr. Madoff. In fact, we agreed when our friendship began that I would not introduce him to potential clients. I wanted to avoid putting him in the awkward position of having to say no to a friend of mine."

Shapiro, 95, also said that, while the alleged fraud has had "an impact on our family, as well as our family foundation, the foundation will honor all of its existing commitments. My family and I are firmly committed to the ideals and mission of this foundation and fully expect that it will continue to grow over time.”