Word: cuomo
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Dates: during 2000-2009
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...Erzra Merkin, a major "feeder fund" to Bernie Madoff's $65 billion Ponzi scam, was charged today with fraud and deception by New York State Attorney General Andrew M. Cuomo...
Merkin, who pocketed more than $470 million in fees from investors, the suit alleges, was not the "investing guru" he claimed to be, but instead a "master marketer" who knew and ignored the many "glaring red-flags" related to Madoff's investments, according to Cuomo...
Similarly, New York Attorney General Cuomo's complaint against Merkin alleges he repeatedly lied to investors and prospective investors about how funds were invested...
...some cases, Cuomo says, Merkin told investors only 15% of Ascot investments were placed with Madoff. In reality, the entire fund was invested with the Ponzi scheme, the suit alleges. In another example, the suit says Merkin told investors all of Ascot's assets were maintained in a Morgan Stanley brokerage account, and not with Madoff. In addition, Cuomo charges, Merkin "commingled his personal funds" with his investment funds for his personal benefit, including the purchase of over $91 million in artwork for his New York apartment...
...cash payments to CDS [credit-default swap] counterparties should never have occurred," Greenberg told a House oversight committee. Greenberg is not alone is raising questions about profits that financial firms have been making on the unwinding of AIG's derivative bets. Last week New York attorney general Andrew Cuomo said he was looking into AIG's trading records to examine whether the payments the company made to other financial firms were improper. (Read "How to Know When the Economy Is Turning...