2 Nashville foundations lose in Madoff scheme

NASHVILLE, Tenn. (AP) -- Two charitable foundations associated with the Frist family have lost $14 million in the Madoff Ponzi scheme.

The Tennessean newspaper reports that the Frist Foundation, which funds various Nashville charities, lost a $13 million investment in a fund operated by Madoff.

Separately, the Frist Center for the Visual Arts Foundation says it has likely lost $1 million. The center, which opened in 2001, offers exhibitions with related educational programs.

The foundations are named after their founding directors, Dr. Thomas F. Frist Sr. and Dr. Thomas F. Frist Jr. The elder Frist is the father of former Sen. Majority Leader Bill Frist.

Bernard Madoff, of New York, was arrested in December after prosecutors said he concocted a $50 billion scheme to defraud investors.

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Information from: The Tennessean, http://www.tennessean.com

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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