U.S. Jewish Group Eyes Merger With AJC After Losing Money in Madoff Scam

A longtime American Jewish advocacy group that is nearly insolvent after losing most of its money to fraudmeister Bernie Madoff is looking to merge with a larger fellow group in a bid for survival.

The American Jewish Congress, which was founded in 1922, suspended its activities this week due to financial constraints. The group is now in talks with the larger American Jewish Committee to join forces.

"We are talking to the American Jewish Committee constantly," Richard Gordon, president of the AJ Congress, told the Jerusalem Post.

The group reportedly lost $21 million of its $24 million endowment in the scheme and Gordon told the Israeli newspaper that the group is out of funding.

"We have the money in the bank, but can't get to it due to our constitution," Gordon told the newspaper. "We expect to be able to access the account within a few weeks."

For 92 years, the group has advocated for human rights, Zionism and other issues relevant to the American Jewish Community.

Speculation on the group's demise has been swirling for two years since it was revealed that the group lost most of its money to Madoff.