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.
N.Y. Attorney General Sues Financier Over Madoff Losses
New York Law Journal
April 7, 2009