Fund manager hit with civil charge in Madoff fraud

April 6, 2009 18:55

New York's attorney general filed on Monday civil fraud charges against a hedge fund manager who funneled billions of dollars in client money to Wall Street swindler Bernard Madoff. The complaint charged J. Ezra Merkin with lying to his investors about how he was handling their money. Attorney General Andrew Cuomo said that Merkin invested $2.4 billion in client cash with Madoff without their permission. The complaint said that Merkin collected $470 million in management fees from the accounts.

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