Ezra Merkin, a Madoff scam “victim” used former “Yuppie Five” felon as financial advisor while advisor was still in jail. The most amusing part? The crook warned Merkin that Madoff was making up imaginary numbers for his reported profits. But why stop when you’re charging big fees? Walter didn’t, either.
One of the top advisers to the money manager J. Ezra Merkin, who invested $2 billion of his clients’ money with Bernard L. Madoff, is a convicted felon who worked for Mr. Merkin while still in federal prison, according to recently filed court documents.
The adviser, Victor Teicher, who had been convicted of federal securities fraud and was barred from the securities industry, advised Mr. Merkin on the management of his Ariel Fund Ltd. through phone calls made to Mr. Merkin’s Park Avenue office from a New Jersey prison.