Madoff victim must pay doctor $300k in interest

Bernie Madoff

Disgraced hedge-fund honcho Ezra Merkin’s litigious ways cost him a cool $300,000.

The New York Post reports that the 60-year-old Park Avenue resident - once thought to be a savvy money man but who was unmasked as an investor who put billions of dollars of his funds’ cash at the doorstep of convicted Ponzi King Bernie Madoff - must pay a New Jersey doctor the sizeable sum in added interest that has accrued while he fought the case in court.

A New York appeals court smacked down Merkin’s attempt to sidestep the added 9% interest charge when it refused to hear his case.

Coupled with the $1.7m he has already received, the interest brings Dr. Noel Wiederhorn’s total to $2m - most of it investment cash he entrusted with Merkin but lost.

Wiederhorn, a pediatrician from Wyckoff, NJ, claimed he didn’t know Merkin was funneling the money to Madoff.

Merkin spent years battling the award in court, including a countersuit against Wiederhorn for $1.6m in legal fees, which was knocked down.

To access the complete New York Post article hit the link below

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