SHOOT: More characters in this shady plot - Carl Shapiro, Jeffry Picower, Frank DiPascali, Peter Madoff [brother], Mark Madoff [son], Andrew Madoff [other son], Ruth Madoff [wife], Frank Avellino & Michael Bienes, David Friehling, Robert Jaffe, Stanley Chais, Maurice "Sonny" Cohn, Walter Noel...all funny sounding names and surnames.
Connection to Madoff: Feeder (via multiple funds)
Prosecution: Sued by New York Attorney General Andrew Cuomo.
Background: Charged with steering billions into Madoff's Pozi, Erza Merkin – once hailed as a Renaissance man by the Jewish community in New York – had a far fall from grace.
He was forced to resign as president of the Fifth Avenue Synagogue, whose members lost over $1 billion in the scheme. He was pressured to give up his non-executive chairman seat at General Motors Financial Services (GMAC) at the insistance of the government. And, the numerous funds Merkin is part of – Ascot Partners, Ariel Fund, and the Gabriel Capital Corp. among others – are sued with multiple clients, including New York University and Mort Zuckerman, for knowingly investing their money in a Ponzi.
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