{"id":10308,"date":"2009-04-09T00:00:00","date_gmt":"2009-04-09T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"former-chairman-of-gm-financial-arm-charged-in-madoff-related-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2009\/former-chairman-of-gm-financial-arm-charged-in-madoff-related-fraud.html","title":{"rendered":"Former chairman of GM financial arm charged in Madoff-related fraud"},"content":{"rendered":"<p>WSWS &#8211; New York State Attorney General Andrew Cuomo on Monday charged J. Ezra Merkin, a multi-millionaire hedge fund manager and former chairman of GMAC Financial Services, the financial arm of General Motors, with bilking investors out of $2.4 billion by funneling their money, without their knowledge, to convicted Ponzi scheme operator Bernard Madoff.<\/p>\n<p>According to the civil complaint filed by Cuomo with the New York Supreme Court, Merkin collected $470 million in management and incentive fees over a fifteen-year period by claiming to be carefully managing the money his clients invested in his three hedge funds, while funneling the bulk of the funds to Madoff&rsquo;s operation.<\/p>\n<p><strong><br \/><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.wsws.org\/articles\/2009\/apr2009\/merk-a09.shtml\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WSWS &#8211; New York State Attorney General Andrew Cuomo on Monday charged J. Ezra Merkin, a multi-millionaire hedge fund manager and former chairman of GMAC Financial Services, the financial arm of General Motors, with bilking investors out of $2.4 billion [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1504,4331,6549,5253,10063,113,10059,37,6931,4664,3753,10060,10058,148,2084,4248,5919,10061,10062],"class_list":["post-10308","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-attorney-general-andrew-cuomo","tag-bernard-madoff","tag-civil-complaint","tag-ezra","tag-financial-arm","tag-general-motors","tag-gmac-financial-services","tag-hedge-fund-manager","tag-incentive-fees","tag-merkin","tag-millionaire","tag-new-york-state-attorney-general","tag-new-york-state-attorney-general-andrew-cuomo","tag-new-york-state","tag-new-york-supreme-court","tag-ponzi-scheme","tag-state-attorney-general","tag-wsws","tag-york-state-attorney-general-andrew"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=10308"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10308\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=10308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=10308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=10308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}