Ascot Partners is a
hedge fund that was a
feeder fund A feeder fund is an investment fund which does almost all of its investments through a ''master fund'' via a master-feeder relationship.
It is a situation similar to a fund of funds
A "fund of funds" (FOF) is an investment strategy of holding ...
to
Bernie Madoff
Bernard Lawrence Madoff ( ; April 29, 1938April 14, 2021) was an American fraudster and financier who was the admitted mastermind of the largest Ponzi scheme in history, worth about $64.8 billion. He was at one time chairman of the NASDA ...
.
It is headed by money manager and financier
J. Ezra Merkin
Jacob Ezra Merkin (born April 19, 1953) is an American investor, hedge fund manager and philanthropist. He had been a fund manager and capital raiser until 2008 when one of the funds in Gabriel Capital LP, his $5 billion group of hedge fund ...
as general partner.
It was managed by Gabriel Capital Corporation, of which Merkin was chairman. Among its investors were
Yeshiva University and
New York University.
The hedge fund lost $1.8 billion in the Bernie Madoff
Ponzi scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are comin ...
.
See also
*
List of investors in Bernard L. Madoff Securities
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated ...
References
{{Madoff investment scandal
Madoff investment scandal