Madoff Money Man Steps Down

Cuomo pushes Merkin out
By Kevin Spak,  Newser Staff
Posted May 19, 2009 10:45 AM CDT
In this Thursday, Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks during a news conference in Albany.   (AP Photo/Mike Groll)
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(Newser) – Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,” by pumping $2.4 billion into Bernie Madoff’s Ponzi scheme. Merkin allegedly told his investors, mostly nonprofit groups and universities, that he was managing the money himself.