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.
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.
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