Market Features
Hedge Fund Operator Tied to Madoff Probed
By David B. Caruso
NEW YORK -- New York's attorney general is investigating whether a hedge fund operator who lost more than $1 billion in the Bernard Madoff scandal misled schools and charities about how he was investing their money. A person familiar with the probe says Andrew Cuomo's office has sent subpoenas to three funds run by investment adviser J. Ezra Merkin. The individual spoke on condition of anonymity because of the sensitivity of the investigation. (Photo gallery: The Madoff Mess ) Merkin's investors say he never told them he was turning over their money to Madoff, who has confessed to losing up to $50 billion in a giant Ponzi scheme. Cuomo's office also sent subpoenas seeking records to 15 charities that had placed money with Merkin, including Yeshiva University and New York Law School. Merkin's lawyer did not immediately return a phone call Thursday.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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