Results tagged “fairfieldgreenwichgroup”

Hedge fund manager J. Ezra Merkin, who was accused by Attorney General Andrew Cuomo of funneling $2.4 billion into Bernard Madoff's Ponzi investment scheme, has agreed to turn over three of his hedge funds into receivership. Merkin, who allegedly made $470 million from the Madoff investments and was warned about Madoff, made the deal with Cuomo's office; David Markowitz, who heads the AG's office's Investor Protection Bureau, told a judge, "The purpose of this is to make sure that the victims of the fraud here have independent trustees and fiduciaries overlooking what’s left of their assets." In other hedge funds-that- invested-with-Madoff news, three hedge funds managed by the Fairfield Greenwich Group were sued by the trustee liquidating Madoff's estate; the NY Times reports, "The civil lawsuit, filed Monday in federal court in Manhattan, seeks the return of $3.2 billion that the three funds took out of their Madoff accounts from 2002 until the scheme’s collapse in December."

Today, Attorney General Andrew Cuomo unleashed fraud charges against J. Ezra Merkin, a money manager. The press release from Cuomo's office was titled "MADOFF MIDDLEMAN EZRA MERKIN CHARGED WITH FRAUD FOR SECRETLY STEERING $2.4 BILLION IN INVESTOR ASSETS INTO MADOFF’S PONZI SCHEME."