Word: cuomo
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Photo from Wikimedia Commons/U.S. Air Force photo,Tech. Sgt. Shane A. 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...
...complaint charges Merkin with violations of New York's Martin Act, for fraudulent conduct in connection with the sale of securities, and New York's Not-For-Profit Corporation Law. In the suit, Cuomo is seeking payment of damages and disgorgement of all fees by Merkin, restitution, and other equitable relief...