I celebrate each and every indictment that comed from this case, and hopefully this will make people think twice about pulling these types of shenanigans on people…
But it probably won’t; the lure of all that money is too much for most to resist:
“New York Atty. Gen. Andrew Cuomo today charged money manager J. Ezra Merkin with civil fraud in the Bernie Madoff Ponzi scheme, alleging that Merkin funneled more than $2.4 billion in clients’ funds to Madoff while ignoring ‘glaring red flags.’
Merkin, a well-known New York philanthropist and the former chairman of General Motors Corp.’s financing arm, GMAC Financial Services, ‘profited enormously from Madoff’s scheme, reaping huge commissions while investors lost all their money,’ Cuomo said in a statement.
Merkin earned $470 million in management and incentive fees over time by steering money to Madoff, Cuomo said.” Source: LA Times