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Merkin Art Collection Being Sold
by Christopher Glynn ,Senior Reporter, June 30, 2009

Madoff “feeder fund” operator Ezra Merkin is being forced to part with his several-hundred-million dollar art collection, The Wall Street Journal reported.

New York Attorney General Andrew Cuomo is selling off the collection in order to reimburse the erstwhile clientele of the disgraced former hedge fund manager. Merkin depicted himself as a hedge fund manager when in fact he did little more than funnel investor money to Bernard Madoff, who was handed a 150-year sentence for running a $65 billion Ponzi scheme.

Merkin has denied knowing that Madoff was running a Ponzi scheme.

Since Madoff confessed to the fraud last winter, Merkin has been hit with a spate of legal action. In its lawsuit, Merkin client Yeshiva University said it forbade Merkin from putting its money with Madoff, but Merkin ignored the university.

  
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POSTED BY Christopher Glynn at 6/30/2009 1:42:39 PM
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