Legal News

Guess What? I Gave Your Money To Madoff, And Now It’s Gone
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Mr. & Mrs. MerkinLast week, investment fund manager J. Ezra Merkin sent a very interesting letter to investors in his Ascot Partners fund.

In the letter he just happened to mention that he might have accidentally given a very small amount of the investor’s money to Bernard L. Madoff. Not very much. Just almost the entire $1.8 billion.

Merkin’s investors may also have noticed that Madoff was arrested last week for losing all of his investors’ money in a massive Ponzi scheme.

  
What
Where


Now Merkin’s investors are a tad upset, especially since Merkin had provided investors with a detailed investment plan. And that plan somehow failed to mention “or I’ll just give all your cash to Madoff.”

The Ascot Partners investors are now planning to sue Merkin back to the Stone Age, although the agreement they signed with Merkin specifies that he has the right to give money to “third party managers.” But investors are asking why they bothered to pay Merkin anything, if all he was going to do was give the money to Madoff.

Clients also claim they had conversations with Merkin about Madoff, at no point during which did Merkin mention “oh yeah, I gave that guy all your money.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




New York’s Yeshiva University invested $100 million in the fund, and now the Jewish community is out for Merkin’s head.  If only religious Jews like Merkin had some sort of book that would school them in ethical behavior.

Speculation is rampant on what Merkin was doing all day while supposedly managing his clients’ money. I suggest that maybe he was soloing Zul’Gurub with his level 80 Death Knight.



Via NYT and The Jewish Week.



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Employment Litigation Attorney with 5+ years of experience

USA-CA-Los Angeles

Los Angeles office is seeking a labor and employment litigation attorney with 5+ years of experience...

Apply Now

Attorney with 7-10 years of business litigation experience

USA-CA-Century City

Small to mid-size Century City law firm is seeking an attorney with 7 - 10 years of business litigat...

Apply Now

Capital Markets Staff Attorney with 6+ years of experience

USA-NY-New York City

New York City office is seeking a capital markets staff attorney with 6+ years of experience. Candid...

Apply Now

Trusts and Estates/Tax Attorney with 3+ years of experience

USA-NV-Las Vegas

Las Vegas office of our client seeks trusts and estates/tax attorney with 3+ years of experience. Th...

Apply Now

RELEVANT JOBS

Eminent Domain Associate (3-5 years of experience) – Los Angeles or San Diego

USA-CA-Los Angeles

Meyers Nave is currently recruiting an intelligent, hard-working and self-motivated associ...

Apply now

Legal Resume / Cover Letter Writer

USA-UT-Salt Lake City

We are looking for a reliable freelance writer that can write high quality resumes and cover letters...

Apply now

Legal Resume / Cover Letter Writer

USA-FL-Tampa

We are looking for a reliable freelance writer that can write high quality resumes and cover letters...

Apply now

Counsel-Tax Credits

USA-IL-Chicago

Position Overview: Performs tax credit investment legal work. An attorney holding the position of Co...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top