Here are some of the excerpts from the article:
"Merkin duped individual investors, non-profits, and charities into
believing he was responsibly managing their investments, when in
actuality he was dumping them into history's largest Ponzi scheme,"
Attorney General Andrew Cuomo said in a statement.
also accused Merkin of mingling his personal funds with the accounts of
his management company, Gabriel Capital Group, and using some of the
company's funds for personal purchases, including $91 million worth of
artwork for his apartment.
Cuomo's suit, filed in state court in Manhattan, demands that Merkin
repay all of the fees he collected from his clients over the years,
You can read the full article at yahoo.com.