Ascot Partners is a hedge fund founded by GMAC Financial Services chairman and philanthropist Ezra Merkin. Ascot Partners had invested "substantially all" of their $1.8 billion with high-profile investor Bernard Madoff. Bernard Madoff was arrested on December 11, 2008 for allegedly running what financial analysts are calling "the biggest Ponzi scheme in history".The Fox Forum: The Madoff Scandal's Big Lesson (December 15, 2008) New York Times: For Investors, Trust Lost, Money Too (December 12, 2008)
Ezra Merkin Quote
I am shocked, as I know you are, by this fraud. As one of the largest investors in our fund, I have also suffered major losses from this catastrophe. We have retained counsel to determine what our next steps should be,—Ezra Merkin, in a recent letter to clients.New York Times: For Investors, Trust Lost, Money Too (December 12, 2008) International Business Times: Ascot Fund Suffers Major Losses (December 15, 2008)
References
Fast Facts
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Ascot Partners founded by Ezra Merkin
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Ezra Merkin ran Ascot Partners via his Gabriel Capital GroupInternational Business Times: Ascot Fund Suffers Major Losses (December 15, 2008)
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Ascot Partners invested $1.8 billion with Bernard Madoff
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Ezra Merkin sent a letter to clients describing the loss on December 11, 2008International Business Times: Ascot Fund Suffers Major Losses (December 15, 2008)
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Ezra Merkin and the Ascot Partners hedge fund are believed to be among the Madoff's most profitable victims
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Ezra Merkin served with Bernard Madoff on the board of trustees for Yeshiva UniversityInternational Business Times: Ascot Fund Suffers Major Losses (December 15, 2008)
