N.Y. Attorney General Sues Financier Over Madoff Losses
New York Law Journal
New York Attorney General Andrew Cuomo on Monday sued J. Ezra Merkin, a prominent financier who sat on the boards of many well-known charities, for feeding his investors' money into the "largest Ponzi scheme in history." Cuomo's complaint, which raises six civil claims under the state's securities and not-for-proft laws, tallies the losses at $2.4 billion and accuses Merkin of collecting $470 million in fees for placing with Bernard L. Madoff, in whole or in part, assets from three funds Merkin managed.