Merkin ‘Cooperative,’ N.Y. Attorney General Says

Feb 12 2009 | 2:05am ET

J. Ezra Merkin, the former GMAC Financial chairman who ran a stable of Bernard Madoff feeder hedge funds, is cooperating with New York state authorities, one said yesterday.

Attorney General Andrew Cuomo’s office said that “Merkin and his counsel have been cooperative thus far in providing documents and other information,” Reuters reports. Cuomo said last month that he would subpoena Merkin and his three funds, Gabriel Capital Corp., Ariel Fund and Ascot Partners, as part of an investigation into whether Merkin defrauded the non-profits that invested with him.

Despite his close ties to Madoff, accused of running a $50 billion Ponzi scheme, Merkin has painted himself as a victim of his friend’s scam. Still, his funds have been sued by angry investors who say he invested with Madoff without notifying them.


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of