New York AG, Cuomo, files $2.4 billion securities fraud suit naming Ezra Merkin.
New York, NY (JusticeNewsFlash.com)–New York Attorney General Andrew Cuomo filed a lawsuit on Wednesday in New York state Supreme Court in Manhattan naming financier Ezra Merkin and his Gabriel Capital Corporation. Court documents claim Merkin secretly placed $2.4 billion, of Gabriel Capital client funds, with Bernard Madoff who used the money in the largest Ponzi scheme in history.
The legal complaint, filed by AG Cuomo, alleges Merkin gave the assets to Madoff for $470 million in securities investment fees. Many of the defrauded investors included prominent charities plus investors with Merkin’s other entities including Ascot Fund Ltd., Ascot Partners LP, Ascot, and Ariel Fund Ltd. Consumers who invested with Merkin were unaware their money was with Bernard Madoff until after his arrest. The lawsuit seeks payment of damages, disgorgement of all fees, restitution and other equitable relief.
JusticeNewsFlash.com news for New York securities fraud litigators.
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