Group dedicated to ethics in finance funded by top Bernie Madoff associate

An organization founded to ensure that investment firms conduct themselves ethically counts a charity funded by a close associate of fraudster Bernie Madoff as one of its largest donors, tax filings show.

The Private Equity Stakeholder Project was founded in 2017 as a “nonprofit watchdog” intended to ensure companies owned by private equity treat their workers, customers, and the environment fairly. The Freedom Together Foundation, which is funded by the estate of Madoff associate Jeffry Picower, has emerged as one of PESP’s most important funders, contributing more than 10% of its total revenue in 2024, the most recent year for which data is available.