Word: merkin
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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...
...civil lawsuit filed in New York's Supreme Court said Merkin "duped individual investors, non-profits and charities into believing he was responsibly managing their investments, when in actuality he was dumping them into history's largest Ponzi scheme." (Read a brief history of Ponzi schemes...
...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...
...Merkin operated several funds, including Ascot Fund, Gabriel Capital Corp. and Ariel Fund, totaling $2.4 billion, that fed into Bernard L. Madoff Securities LLC, the so-called investment firm run by Madoff. In total, Merkin is charged with 720 breaches of fiduciary duty in raising, through social and charitable connections, over $4 billion, which he turned over to third-party money managers, like Madoff...
...disappointed that the Attorney General of the State of New York has filed this hasty and ill-conceived civil lawsuit, 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...