http://antisemitica.wordpress.com/2009/12/17/toronto-ponzi-scheme/

For almost a hundred years now, the ADL and other Jewish organizations have complained about “stereotypes,” “canards,” and “conspiracy theories” regarding Jews and money. In the popular imagination, Jews have often been associated with swindlers. Their handling of money and overrepresentation in high finance has been suspect in Gentile cultures. In The Merchant of Venice, William Shakespeare immortalized it in the figure of Shylock.

Recently, the Bernie Madoff scandal illustrated that stereotypes are usually based on a kernal of truth. Madoff’s Ponzi scheme was the largest investment fraud in Wall Street history. His investors lost over $18 billion dollars; perhaps as much as $65 billion. In particular, the Jewish community took a devastating hit. At least $600 million in Jewish charitable funds were wiped out in the collapse of Madoff’s investment firm.

With Madoff in the rearview mirror, the actions of Tzvi Erez shouldn’t come as much of a surprise. He swindled more than $27 million out of the Toronto Jewish community in a similar Ponzi scheme. As with Madoff, the corruption and financial schemes of an individual Jew were bound closely together with his larger ethnic community.