Legal News

Jewish University Loses $110 Million in Madoff Mishegoss
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

What!? What I did was a shanda. So what?Yesterday we reported that the Jewish community is a little bit broygez over Bernard L. Madoff’s decision to rip off various Jewish charities for millions of shekels.

Today we learn that New York’s Yeshiva University lost about $110 million in investments made with the gonif Madoff; and a second trustee whose money-management firm had ties with Madoff’s securities business has stepped down.

Madoff was arrested last week and accused of defrauding investors of $50-billion in what has been called “a giant Ponzi scheme.” He resigned as a member of Yeshiva’s Board of Trustees and chairman of its business school after his arrest.

  
What
Where


Most of Yeshiva’s losses were invested through hedge funds controlled by that nuchshlepperJ. Ezra Merkin, who was a Yeshiva trustee and chairman of the university’s investment committee. Merkin resigned from both positions on Friday.

Merkin is chair of GMAC Financial Services, but the investment losses are related to a money-management firm that he also runs, Gabriel Partners. In a letter to clients last week, Merkin revealed that one of Gabriel’s funds, Ascot Partners, had invested all of its assets with Madoff and had suffered “major losses.”

The New York Law School, instead of just kvetching, sued Merkin and Ascot Partners today, along with the fund’s auditor. The school said the $3 million it had invested with the fund was now worthless because of the “wrongful conduct” of the defendants.

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!!




A lawyer for Merkin said that Merkin himself was a victim “of the massive crime confessed by Bernard L. Madoff” and that he would vigorously defend the lawsuit.

Via The Chronicle of Higher Education.





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid-level litigation attorney with experience taking/defending dep...

Apply Now

Trust and Estate Attorney

USA-NY-New York City

Boutique trust and estate firm is seeking an attorney with 7+ years of experience. Candidate should ...

Apply Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a support attorney with some experience/familiarity with a litigatio...

Apply Now

In House Counsel with Transactional Energy Experience

USA-NY-New York City

New York City company is seeking an in house counsel with knowledge of the oil / energy industry. Ca...

Apply Now

RELEVANT JOBS

Litigation paralegal

USA-TX-Dallas

We are looking to immediately hire a responsible, highly organized, self-motivated litigation parale...

Apply now

Attorney

USA-TX-Dallas

Associate Attorney – 7 to 10 Years’ Experience - Dallas/Fort Worth   ...

Apply now

Associate Attorney

USA-TX-Dallas

Associate Attorney – 3 to 5 Years’ Experience - Dallas/Fort Worth   ...

Apply now

Litigation Attorney

USA-TX-Dallas

Litigation Attorney   Dallas, TX One of Texas\' largest Personal Injury Law Firms se...

Apply now

SEARCH IN ARCHIVE

To Top