Cuomo Subpoenas Ex-GMAC Chair Over Madoff

Law360, New York (January 15, 2009, 12:00 AM EST) -- New York Attorney General Andrew Cuomo has reportedly subpoenaed J. Ezra Merkin, three hedge funds Merkin runs and 15 nonprofit organizations as part of a probe into whether Merkin defrauded charities by investing their money in Bernard L. Madoff's alleged $50 billion Ponzi scheme.

The three hedge funds include Gabriel Capital LP, Ariel Management Corp. as well as Ascot Partners LP, Merkin's primary fund that invested $1.8 billion in the Madoff scheme, the Associated Press reported on Thursday, citing a person familiar with the investigation....
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