Jakob Abraham Merkin Has Been Charged
The lawsuit, filed under state charity and securities laws, claims
that Mr. Merkin improperly collected more than $470 million in fees
for collecting $2.4 billion for Mr Madioff.
“Merkin’s deceit, recklessness, and breaches of fiduciary duty have
resulted in the loss of approximately $2.4 billion,” according to the
complaint filed by Mr. Cuomo’s office, which opened an investigation
of Mr. Merkin soon after the Madoff scheme collapsed in mid-December.
The accusations echo charges that have already been made against
Mr. Merkin in private lawsuits filed by numerous others.
