Tufts University lost $20 million in Madoff scam

MEDFORD, Mass. (AP) - "In a letter sent to students, faculty, alumni and parents Friday,

• Tufts President Lawrence Bacow

said that in 2005, the university's investment committee authorized an investment with Ascot Partners, which invested the entire $20 million with Madoff Securities....

• Bacow said the loss of the $20 million will not significantly affect the school's operations. The money represents just under 2 percent of the school's endowment."...

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