Madoff victim pays for employees' 401(k)

A North Shore-based philanthropist is using $5 million of his own money to restore the retirement savings of his employees who lost their nest eggs to admitted swindler Bernard L. Madoff. Robert I. Lappin today began restoring the funds to 60 employees of his company, Salem-based Shetland Properties, Inc., and to his private charity, The Robert I. Lappin Charitable Foundation. The employees' 401(k) plans, as well as the foundation's money and some of Lappin's personal wealth was managed by Madoff, who used the funds in what investigators believe is the largest Ponzi scheme in history. "I wanted to do the right thing," he said. "And, I feel, I've done the right thing and that to me is my reward."