{"id":29676,"date":"2012-06-25T08:27:58","date_gmt":"2012-06-25T12:27:58","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=29676"},"modified":"2012-06-26T06:28:01","modified_gmt":"2012-06-26T10:28:01","slug":"merkin-to-pay-405m-in-madoff-related-hedge-fund-settlement","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2012\/merkin-to-pay-405m-in-madoff-related-hedge-fund-settlement.html","title":{"rendered":"Update: Merkin To Pay $405M in Madoff-related Hedge Fund Settlement"},"content":{"rendered":"

\"\"<\/a>New York (HedgeCo.net) –\u00a0Billionaire hedge fund manager J. Ezra Merkin has agreed to pay $410 million in a civil settlement negotiated by the New York State attorney general\u2019s office and Bart M. Schwartz, Receiver of the Gabriel Capital L.P. and Ariel Fund Limited. Merkin had allegedly paid his clients with money stolen from investors in the Madoff scandal.<\/p>\n

\u201cI am satisfied with the settlement that\u2019s been achieved, and I am grateful for the New York Attorney General\u2019s leadership in the effort,\u201d Bart M. Schwartz, the Receiver for Gabriel Capital L.P. and Ariel Fund Limited, said. \u201cThe monies realized from this settlement will help bring the Ariel and Gabriel funds\u2019 investors closer to being made whole.\u201d<\/p>\n

Bankruptcy court trustee, Irving H. Picard, may challenge the settlement as part of an effort to collect money to compensate all eligible Madoff victims.<\/p>\n

“Cash losses in the scheme are estimated at a minimum of $17 billion, but the paper wealth wiped out by the fraud totaled more than $64 billion. Madoff is serving a 150-year sentence in a federal prison in North Carolina.” The New York Times reports.<\/p>\n

Alex Akesson
\nEditor for HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) –\u00a0Billionaire hedge fund manager J. Ezra Merkin has agreed to pay $410 million in a civil settlement negotiated by the New York State attorney general\u2019s office and Bart M. Schwartz, Receiver of the Gabriel Capital L.P. and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-29676","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/29676","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=29676"}],"version-history":[{"count":15,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/29676\/revisions"}],"predecessor-version":[{"id":29679,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/29676\/revisions\/29679"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=29676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=29676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=29676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}