Cuomo Seeks $728M From Merkin For Madoff Losses

Law360, New York (October 20, 2010, 6:56 PM EDT) -- New York Attorney General Andrew Cuomo has asked for a $728 million restitution from hedge fund manager Ezra Merkin and his company Gabriel Capital Corp., alleging the defendants funneled money to Bernard Madoff’s Ponzi scheme without disclosing it and profited from investment fees.

Cuomo filed a motion for summary judgment in the State Supreme Court of New York Monday, saying the undisputed evidence shows Merkin was able to get hundreds of investors to put their money in funds controlled by Madoff.

Merkin allegedly concealed information about...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.