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A single unforgivable deed capsized his fortune, reputation and social standing overnight: He embraced a false prophet of profit named Bernard Madoff.
On the surface, Merkin, 55, was a gold-plated money manager who invested on behalf of banks, billionaires, hedge funds, yeshivas, nonprofits and universities.
In reality, his Midas touch was a mirage. Without telling his clients, he steered the bulk of the money into Madoff's $50 billion Ponzi scheme.
As cash evaporated though his network of hedge funds and partnerships - Ascot Partners and Gabriel Capital Corp. in midtown, Ariel Fund Ltd. in the Cayman Islands - Merkin pocketed some $30 million in annual management fees, victims claim.
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