Madoff Money Man Steps Down

Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,” by pumping $2.4 billion into Bernie Madoff’s Ponzi scheme. Merkin allegedly told his investors, mostly nonprofit groups and universities, that he was managing the money himself. (More Bernard Madoff stories.)