Posted on 04/06/2009 11:49:13 AM PDT by NormsRevenge
NEW YORK – New York's attorney general filed civil fraud charges Monday against a hedge fund manager who funneled $2.4 billion to Wall Street swindler Bernard Madoff without telling clients where their money was going.
The complaint accuses J. Ezra Merkin, ... of concealing his links to Madoff and lying to investors about what he was doing with their money, ..
Over the years, Merkin collected $470 million in fees and performance bonuses from his clients, ..
"Merkin duped individual investors, non-profits, and charities .. in actuality he was dumping them into history's largest Ponzi scheme," Attorney General Andrew Cuomo said in a statement.
(Excerpt) Read more at news.yahoo.com ...
Now that they’ve stuck it to their bookie, the Madoff Investors are going after his runners.
Why CIVIL charges. All of these people need to do criminal hard time for this atrocity.
Uncle Sam wants his money first before investors get theirs. Almost $500 million in fees on $2.4 billion in assets. The people who invested with these crooks got raped. He needs to be facing criminal charges too.
Good now go after the rest of the pond scum.
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