Merkin to cede control of hedge funds to liquidator

J. Ezra Merkin, the New York financier who lost more than $2.4 billion of his clients’ money in Bernard L. Madoff’s Ponzi scheme, has agreed to place his three hedge funds into receivership and turn them over to a liquidator.

Merkin has also been charged with lying by New York Attorney General Andrew Cuomo and is being wallpapered with lawsuits by angry investors. Couldn’t happen to a more deserving guy.

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