Ezra Merkin is the chairman of the GMAC Financial Services. GMAC Financial Services provides automotive, real estate and commercial financing to customers in North America, South America, Europe and the Asia-Pacific.
On April 6, 2009, the New York attorney general Mario Cuomo charged Merkin with civil fraud, alleging that he ignored "glaring red flags" while "profiting enormously" by directing investors in his Ascot Partners hedge fund to buy into the Ponzi scheme of Bernard Madoff.Los Angeles Times: New York charges Madoff 'feeder' Ezra Merkin with fraud (April 6, 2009)
Ezra Merkin Quote
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... (December 12, 2008)
Ezra Merkin Financial Relationships
- Carnegie Hall: Trustee
- Gabriel Capital Group: Managing Partner
- GMAC Financial Services: Chairman
- UJA Federation of New York: Board member
- Yeshiva University: TrusteeMuckety: Ezra Merkin relationship map
Merkin and Ascot Partners
Merkin is the founder of the Ascot Partners hedge fund, one of the organizations impacted by Bernard Madoff's $50 billion Ponzi scheme. The Ascot Partners hedge fund is said to have invested "substantially all" of its $1.8 billion with Bernard Madoff, making Merkin one of Madoff's most profitable victims.Seeking Alpha: Ponzi vs. Ponzi (December 15, 2008) New York Times: For Investors, Trust Lost... (December 12, 2008)
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J. Ezra Merkin
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Chairman of the GMAC Financial Services
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Ascot Partners lost approximately $1.8 billion in Bernard Madoff's Ponzi schemeSeeking Alpha: Ponzi vs. Ponzi (December 15, 2008)
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Merkin sent a letter describing the loss to clients on December 11, 2008New York Times: For Investors, Trust Lost... (December 12, 2008)
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