Tuesday, 5 May 2015
Last updated 3 hours ago
Oct 25 2011 | 6:53am ET
Bernard Madoff feeder fund magnate J. Ezra Merkin has been ordered to pay more than $7 million to an investor in one of his funds.
Merkin, who last month won the dismissal of several lawsuits against him and his hedge funds, was hit with a $7.01 million arbitration decision. The winner of that battle, former Odd Jobs Stores CEO Moshael Straus, filed a petition in New York State court last week seeking to have the award confirmed.
Straus was an investor in Merkin's Ascot Partners, putting in more than $5 million. But Straus did not know that Ascot was a Madoff feeder fund, and Merkin "intentionally breached" his duties as fund manager, the American Arbitration Association panel ruled.
Straus and Merkin served together on Yeshiva University's board of trustees. The university is said to have lost as much as $140 million investing with Ascot.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…