Ezra Merkin Madoff Fraud

Ezra Merkin Madoff Fraud - Money manager Ezra Merkin has been charged today of fraud by NY general Attorney Andrew Cuomo. According to Cuomo, Merkin funneled $2.4 billion in clients’ funds to Madoff despite “red flags”.

Cuomo said that Merkin “profited enormously from Madoff’s scheme, reaping huge commissions while investors lost all their money,”

“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,”

Allegedly Ezra Merkin Madoff fraud allowed him to make $470 million in incentive fees and management. Merkin’s lawyer said that they will defend against these “hasty and ill-conceived accusations”

Ezra Merkin is a known philanthropist in New York and former chairman of GMAC Financial Services. He has alleged to be stunned by Madoff’s scheme, while facing other suits.

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