Word: merkin
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...trading," and she holds particular contempt for the all-but-absent SEC ("one of the most dysfunctional and inept periods in the commission's history"). Also in her sights: Fairfield Greenwich, a tony hedge fund that funneled more than $7 billion into Madoff's pockets, and J. Ezra Merkin, a major-league Manhattan investor who received a staggering $470 million in fees from Madoff. Merkin vacuumed up $2.4 billion from a veritable Who's Who of Jewish New York, including Holocaust survivor and Nobel Prize winner Elie Wiesel and Yeshiva University. "You were nothing more than a glorified mailbox...
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...
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...