The 70-year-old Jewish financier was arrested at his Manhattan apartment after being turned in by family members.

He is alleged to have confessed to a huge Ponzi scheme (pyramid fraud).

New York's Yeshiva University, where Madoff sat on the board of directors, lost $110 million in the $50 billion Wall Street scam, that may be the largest in history.

The university's director of media relations Hedy Shulman said: "We are shocked."

She added that Madoff had resigned all his positions with the university.

Yeshiva University had invested the money with a financial company that was wiped out by the scandal.

Hadassah, the women's Zionist organisation of America, said it had lost $90 million in the scam.

"It appears that at the time of Madoff's arrest, Hadassah had this amount of money invested with his firm," a Hadassah spokesman said.

"Falling victim to this unprecedented fraud will require us to make necessary adjustments, but it has not in the slightest affected our commitment to our core Zionist mission. These are indeed turbulent times, but the key pillars of Hadassah remain as strong as ever."

The Boston-based Robert I Lappin Charitable Foundation shut its doors and terminated its entire staff after its assets - entirely managed by Madoff's company - were frozen.

"It is with a heavy heart that I make this announcement," said Robert Lappin, the foundation trustee. "The foundation's programmes have touched thousands of lives over many years in our efforts to help keep our children Jewish."

The American Jewish Congress was severely hurt by the scandal. But the advocacy group which was founded in 1918 to fight antisemitism and protect civil rights will not close.

The AJC said that a trust left to the organisation by Lillian and Martin Steinberg had been lost.

"For many years prior to their deaths, the Steinbergs entrusted their savings to Bernard Madoff," officials said. "Sadly, Mr Madoff did not return the trust they placed in him.

"It is our belief that all of the money that the Steinbergs left to the American Jewish Congress that was invested with Mr Madoff has been lost.

"In addition, part of a second endowment fund was also invested with Mr Madoff. We believe those funds to have been lost as well."

New York's North Shore-Long Island Jewish Health System lost $5 million. And the Chais Family Foundation, which gives away $12.5 million a year to Jewish causes, said it will have to close.