Carl J. Shapiro
Encyclopedia
Carl J. Shapiro is a Boston
philanthropist and entrepreneur. He and his wife, Ruth live in Boston
and Palm Beach
. In 1939, he founded Kay Windsor, Inc., in New Bedford
, Massachusetts, and built it into one of the largest women's apparel companies in the country. He is its former president and chairman of the board, and was director of Vanity Fair Corp., which acquired Kay Windsor in 1971. He retired in 1976. The Shapiros have three daughters.
His daughter, Ellen is married to Robert M. Jaffe
, a money manager from Boston
and Palm Beach, Florida
.
His daughter, Rhonda Zinner, is on the Brandeis Board of Trustees, and has been a key organizer and planner in the family's philanthropic causes and projects, including the University's new campus center.
He is among a group of investors who have experienced potential losses between $100 million and $1 billion in the Bernard Madoff
hedge fund scheme. He is considered a benefactor of Madoff. It has been reported that a criminal investigation has commenced regarding his alleged complicity in the Madoff affair.
’s Ponzi scheme
.
Shapiro founded the Carl J. Shapiro Institute for Education and Research at Harvard Medical School
and Beth Israel Deaconess Medical Center
in Boston.
Carl Shapiro and his wife, Ruth became Brandeis University
benefactors in 1950. Ruth joined the University's National Women's Committee in 1948. Carl served as a Brandeis Fellow from 1977–79, and as a Trustee
from 1979 to 1988, when he became a Trustee emeritus.
They gave $25 million, the largest gift in Brandeis history, to build the 2003 Carl and Ruth Shapiro Campus Center and funded the admissions center and endowed a chair in international finance held by Peter Petri, dean of the Graduate School of International Economics and Finance. The Shapiros also funded the Carl and Ruth Shapiro Center for Library Technology and Journals in the Farber Library on campus.
In January, 2003, Shapiro received Brandeis' highest honor, an honorary degree, citing cites an "unshakable commitment to making the world a better place."
The Shapiros have made voluminous major contributions. In 2005, they donated $25 million to Brigham and Women's Hospital
, for the world's most advanced cardiovascular care facility, the Carl J. and Ruth Shapiro Cardiovascular Center, designed to support one of the world’s leading teams of cardiovascular experts the world.
In 2008, they also pledged $27 million to Dana-Farber/Brigham and Women’s Cancer Center to substantially upgrade and expand its facilities for cancer care services.
Other contributions include: The Boston Museum of Fine Arts, Wellesley College, the Beth Israel Deaconess Medical Center
, Boston Symphony Orchestra
, the Kravis Center for the Performing Arts, the Norton Museum of Art
, and the Palm Beach Opera
, among other institutions.
Shapiro expressed his sadness and disappointment at his friend’s dishonest dealings.
Regulators are looking into a brokerage firm, Cohmad Securities
(taken from the names "Cohn" and "Madoff"), which is largely owned by Maurice Cohn (Maurice "Sonny" Cohn) and his daughter Marcia, President and Chief Compliance Officer, of whom Madoff shares 10-20 percent ownership stakes, and Madoff's firm's address in New York City. Peter Madoff, brother of Bernard, owns less than one share. Cohmad vice president Robert Jaffe
's ownership of Cohmad was less than 5 percent.
circuit, and attracted many Palm Beach Country Club members as investors." Jaffe said he received a commission of 1% to 2% from an investor's first profit after he guided their money to Madoff. Jaffe paid commissions to financial advisers who steered cash to Madoff's fund.
On January 14, 2009, William Galvin, Secretary of the Commonwealth of Massachusetts, who is in charge of the state's securities issues, filed suit against Jaffe, who promoted Madoff's funds to wealthy investors in Massachusetts
and Florida
. On February 4, compelled to testify, Jaffe invoked his Fifth Amendment
right. On February 11, 2009, Galvin filed a complaint seeking to revoke the Massachusetts license of Cohmad Securities Corp., an accounting of all Massachusetts investors Cohmad referred to Madoff’s company, all the fees it earned doing so (more than $67 million), and a fine.
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
philanthropist and entrepreneur. He and his wife, Ruth live in Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and Palm Beach
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...
. In 1939, he founded Kay Windsor, Inc., in New Bedford
New Bedford
-Places:*New Bedford, Illinois*New Bedford, Massachusetts, the most populous New Bedford**New Bedford Whaling National Historical Park*New Bedford, New Jersey *New Bedford, Ohio*New Bedford, Pennsylvania...
, Massachusetts, and built it into one of the largest women's apparel companies in the country. He is its former president and chairman of the board, and was director of Vanity Fair Corp., which acquired Kay Windsor in 1971. He retired in 1976. The Shapiros have three daughters.
His daughter, Ellen is married to Robert M. Jaffe
Robert Jaffe (stockbroker)
Robert M. Jaffe , an American stockbroker, and long-time associate of Bernard Madoff, promoted Madoff's fund to wealthy investors in Massachusetts and Florida. Jaffe has homes in Weston, Massachusetts and in Palm Beach, Florida, Cohmad Securities Corporation employs Robert Jaffe, as...
, a money manager from Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and Palm Beach, Florida
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...
.
His daughter, Rhonda Zinner, is on the Brandeis Board of Trustees, and has been a key organizer and planner in the family's philanthropic causes and projects, including the University's new campus center.
He is among a group of investors who have experienced potential losses between $100 million and $1 billion in the Bernard Madoff
Bernard Madoff
Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...
hedge fund scheme. He is considered a benefactor of Madoff. It has been reported that a criminal investigation has commenced regarding his alleged complicity in the Madoff affair.
Philanthropy
In 1961, The Carl and Ruth Shapiro Family Foundation was established. It supports community-based nonprofits focused on improving the lives of the disabled, disadvantaged, and disenfranchised. Its support has bolstered the work of about 65 organizations working in areas such as youth arts, adult education, domestic violence, and assistive technology for persons with disabilities. In December 2008, the Foundation lost about $145 million in Bernard MadoffBernard Madoff
Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...
’s Ponzi scheme
Ponzi scheme
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation...
.
Shapiro founded the Carl J. Shapiro Institute for Education and Research at Harvard Medical School
Harvard Medical School
Harvard Medical School is the graduate medical school of Harvard University. It is located in the Longwood Medical Area of the Mission Hill neighborhood of Boston, Massachusetts....
and Beth Israel Deaconess Medical Center
Beth Israel Deaconess Medical Center
Beth Israel Deaconess Medical Center in Boston, Massachusetts is a major flagship teaching hospital of Harvard Medical School. It was formed out of the 1996 merger of Beth Israel Hospital and New England Deaconess Hospital...
in Boston.
Carl Shapiro and his wife, Ruth became Brandeis University
Brandeis University
Brandeis University is an American private research university with a liberal arts focus. It is located in the southwestern corner of Waltham, Massachusetts, nine miles west of Boston. The University has an enrollment of approximately 3,200 undergraduate and 2,100 graduate students. In 2011, it...
benefactors in 1950. Ruth joined the University's National Women's Committee in 1948. Carl served as a Brandeis Fellow from 1977–79, and as a Trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
from 1979 to 1988, when he became a Trustee emeritus.
They gave $25 million, the largest gift in Brandeis history, to build the 2003 Carl and Ruth Shapiro Campus Center and funded the admissions center and endowed a chair in international finance held by Peter Petri, dean of the Graduate School of International Economics and Finance. The Shapiros also funded the Carl and Ruth Shapiro Center for Library Technology and Journals in the Farber Library on campus.
In January, 2003, Shapiro received Brandeis' highest honor, an honorary degree, citing cites an "unshakable commitment to making the world a better place."
The Shapiros have made voluminous major contributions. In 2005, they donated $25 million to Brigham and Women's Hospital
Brigham and Women's Hospital
Brigham and Women's Hospital is the largest hospital of the Longwood Medical and Academic Area in Boston, Massachusetts. It is directly adjacent to Harvard Medical School of which it is the second largest teaching affiliate with 793 beds...
, for the world's most advanced cardiovascular care facility, the Carl J. and Ruth Shapiro Cardiovascular Center, designed to support one of the world’s leading teams of cardiovascular experts the world.
In 2008, they also pledged $27 million to Dana-Farber/Brigham and Women’s Cancer Center to substantially upgrade and expand its facilities for cancer care services.
Other contributions include: The Boston Museum of Fine Arts, Wellesley College, the Beth Israel Deaconess Medical Center
Beth Israel Deaconess Medical Center
Beth Israel Deaconess Medical Center in Boston, Massachusetts is a major flagship teaching hospital of Harvard Medical School. It was formed out of the 1996 merger of Beth Israel Hospital and New England Deaconess Hospital...
, Boston Symphony Orchestra
Boston Symphony Orchestra
The Boston Symphony Orchestra is an orchestra based in Boston, Massachusetts. It is one of the five American orchestras commonly referred to as the "Big Five". Founded in 1881, the BSO plays most of its concerts at Boston's Symphony Hall and in the summer performs at the Tanglewood Music Center...
, the Kravis Center for the Performing Arts, the Norton Museum of Art
Norton Museum of Art
The Norton Museum of Art is an art museum located in West Palm Beach, Florida. Its collection includes over 5,000 works, with a concentration in European, American, and Chinese art as well as in contemporary art and photography.-History:...
, and the Palm Beach Opera
Palm Beach Opera
Palm Beach Opera, a professional opera company in West Palm Beach, Florida resident at the Kravis Center for the Performing Arts, was founded in 1961 as "Civic Opera of the Palm Beaches." Over its history, the company has presented a season of fully staged operas ranging from a single production...
, among other institutions.
Bernard Madoff friendship
Shapiro considered Madoff to be like a son. Shapiro is said to have invested with Madoff going back to the 1960s. He and his foundation reportedly lost some $550 million. Madoff received $250 million around December 1, 2008 from Shapiro, who was one of Madoff's oldest friends and one of his biggest financial backers.Shapiro expressed his sadness and disappointment at his friend’s dishonest dealings.
Regulators are looking into a brokerage firm, Cohmad Securities
Cohmad Securities
Cohmad Securities, whose name combines “Cohn” and “Madoff,” founded in 1985 by Bernard Madoff and Maurice Cohn, Madoff’s friend and former neighbor. It is in the Business Services, N.E.C. industry in NEW YORK, NY...
(taken from the names "Cohn" and "Madoff"), which is largely owned by Maurice Cohn (Maurice "Sonny" Cohn) and his daughter Marcia, President and Chief Compliance Officer, of whom Madoff shares 10-20 percent ownership stakes, and Madoff's firm's address in New York City. Peter Madoff, brother of Bernard, owns less than one share. Cohmad vice president Robert Jaffe
Robert Jaffe (stockbroker)
Robert M. Jaffe , an American stockbroker, and long-time associate of Bernard Madoff, promoted Madoff's fund to wealthy investors in Massachusetts and Florida. Jaffe has homes in Weston, Massachusetts and in Palm Beach, Florida, Cohmad Securities Corporation employs Robert Jaffe, as...
's ownership of Cohmad was less than 5 percent.
Robert Jaffe
Jaffe "worked the Palm Beach, FloridaPalm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...
circuit, and attracted many Palm Beach Country Club members as investors." Jaffe said he received a commission of 1% to 2% from an investor's first profit after he guided their money to Madoff. Jaffe paid commissions to financial advisers who steered cash to Madoff's fund.
On January 14, 2009, William Galvin, Secretary of the Commonwealth of Massachusetts, who is in charge of the state's securities issues, filed suit against Jaffe, who promoted Madoff's funds to wealthy investors in Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
and Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. On February 4, compelled to testify, Jaffe invoked his Fifth Amendment
Fifth Amendment to the United States Constitution
The Fifth Amendment to the United States Constitution, which is part of the Bill of Rights, protects against abuse of government authority in a legal procedure. Its guarantees stem from English common law which traces back to the Magna Carta in 1215...
right. On February 11, 2009, Galvin filed a complaint seeking to revoke the Massachusetts license of Cohmad Securities Corp., an accounting of all Massachusetts investors Cohmad referred to Madoff’s company, all the fees it earned doing so (more than $67 million), and a fine.