Word: madoff
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...against which we intend to defend vigorously," said Merkin's lawyer, Andrew Levander, in response to the charges. "The evidence shows that this lawsuit is without merit. Contrary to the Attorney General's allegation, investors in the Ascot Funds were well aware that the money was being invested with Madoff...
...Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
Fairfield, Madoff's largest "feeder," with some $7 billion invested, was run by socialite Walter Noel. Through this entanglement of feeder funds, international hedge funds, sub-partnerships, and pension funds, with thousand of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his band of family members, small-time accountants, and clerks furiously cranking out false statements...
...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...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...