Fallen hedge-fund manager Ezra Merkin, who lost billions in client cash to convicted Ponzi schemer Bernie Madoff, was told to fork over $7 million to a burned investor.
The Ny Post reports that the award is the latest in a string of arbitration wins by investors who say Merkin touted himself as an investment genius while secretly relying on Madoff to pump his track record.
A panel ordered Merkin to pay $7.01 million to Moshael Straus, an Englewood, NJ businessman and a trustee of Yeshiva University, where Merkin also served before Madoff’s scheme collapsed.
Straus, former chairman and CEO of Odd Jobs Stores, declined comment. His lawyer also declined comment, except to say that “the opinion speaks for itself.”
Read more: http://www.nypost.com/p/news/business/merkin_must_pony_up_MV0sTLP1QXTxZT8JRLh5HK#ixzz1boOyd08S
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