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.



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Antitrust Associate Attorney

USA-CA-San Diego

San Diego office of our client seeks Senior Antitrust Associate Attorney with 7 years of experience....

Apply Now

Senior Antitrust Attorney

USA-WA-Seattle

Seattle office of a BCG Attorney Search Top Ranked Law Firm seeks Senior Antitrust Attorney with 9 y...

Apply Now

Patent Attorney

USA-DC-Washington

Washington, D.C. office of a BCG Attorney Search Top Ranked Law Firm seeks Patent Attorney with 1 ye...

Apply Now

RELEVANT JOBS

Litigation Attorney

USA-IL-Chicago

AV-rated, Chicago Loop defense firm of trial lawyers seeks associate attorneys to join our busy liti...

Apply now

Litigation Attorney (5+ years)

USA-FL-Fort Lauderdale

The Fort Lauderdale office of Kaufman Dolowich & Voluck seeks an experienced litigation associate wi...

Apply now

Director of Originations, Litigation Finance Investments

USA-TX-Dallas

Location is flexible nationwide -- NOT only Dallas. Job Summary Rapidly growing litigatio...

Apply now

Market Research Consulting Analyst for Litigation Projects

USA-MA-Waltham

Applied Marketing Science, Inc. (AMS) is a market research and consulting firm located in Waltham, M...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top