A New York court may move as early as Monday to unseal pieces of conversations money manager Ezra Merkin had with clients as he plowed their life savings into Bernie Madoff’s clutches.
According to the New York Post, a lawsuit against him by New York University is aiming to get to exactly what he told other clients he was doing with their money.
According to the story:
The documents are said to include details of conversations Merkin and his cohorts had with investors in his hedge fund and are expected to show that Merkin promised to do thorough due diligence and invest in a broad array of stocks.
Despite such promises, NYU alleges, Merkin simply handed the money over to his pal, Bernie Madoff, who is currently languishing in jail awaiting sentencing after pleading guilty to 11 counts of fraud.
Merkin denies the claims made against him by NYU and has said all along that he had no duty to inform his clients how or where he was investing their cash.
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