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SUPREMECOURTOFTHESTATEOFNEWYORKCOUNTYOFNEWYORK
---------------------------------------------------------------)(
THEPEOPLEOFTHESTATEOFNEWYORK:ByANDREW
M.
CUOMO,AttorneyGeneral
of
theState
of
NewYork
SUMMONS
Plaintiff,IndexNo.-against-
PlaintiffdesignatesNewYorkCounty
as
theplace
of
trial
J.
EZRAMERKINandGABRIELCAPITALCORPORATION,Defendants.
---------------------------------------------------------------)(
TOTHEABOVE-NAMEDDEFENDANTS:
YOUAREHEREBYSUMMONED
toanswerinthisactionandserveacopy
of
youranswer,or
if
thecomplaintisnotservedwiththesummons,toserveanotice
of
appearanceonthe
Plaintiffs
attorneywithintwenty(20)daysaftertheservice
of
thissummons,exclusive
of
theday
of
service.
If
thissummonsisnotpersonallyserveduponyou,or
if
thissummonsisserveduponyououtside
of
theState
of
NewYork,thenyouranswerornotice
of
appearancemustbeservedwithinthirty(30)days.Incase
of
yourfailuretoappearoranswer,judgmentwillbetakenagainstyoubydefault,forthereliefdemandedinthecomplaint.Dated:NewYork,NewYorkApril
6,
2009Filed:April
L,
2009
ANDREWM.CUOMOAttorneyGeneral
of
theState
of
NewYorkAttorneyforPlaintiff120Broadway,23rdFloorNewYork,NewYork10271(212)416-8198
 
 SUPREME COURT OF THE STATE OF NEW YORKCOUNTY OF NEW YORK-----------------------------------------------------------------xTHE PEOPLE OF THE STATE OF NEW YORKBy ANDREW M. CUOMO, Attorney General of theState of New York,Plaintiff,- against -J. EZRA MERKIN and GABRIEL CAPITALCORPORATION,Defendants.::::::::::::::
COMPLAINT
Index No.-----------------------------------------------------------------xPlaintiff, the People of the State of New York, by Andrew M. Cuomo, Attorney Generalof the State of New York (the “Attorney General”), alleges upon information and belief thefollowing against defendants J. Ezra Merkin (“Merkin”) and Gabriel Capital Corporation(“GCC”) (together, “Defendants”):
 
 2
TABLE OF CONTENTS
SUMMARY........................................................................................................................................3JURISDICTION AND VENUE.........................................................................................................5PARTIES............................................................................................................................................6FACTUAL ALLEGATIONS.............................................................................................................7I. BACKGROUND.................................................................................................................7A. Merkin..................................................................................................................................7B. Merkin and Madoff..............................................................................................................8II. THE ASCOT FUNDS..........................................................................................................9A. The Offering Memoranda for Ascot, and Other Written Disclosures, Were Falseand Misleading...................................................................................................................11B. Merkin Concealed Madoff’s Management of Ascot and Made Other False andMisleading Statements to Investors...................................................................................181. Merkin Concealed Madoff’s Role when Speaking to Investors......................................182. Merkin Made Misrepresentations Concerning the Safety of Ascot.................................223. Merkin Made Misrepresentations Concerning the 2003 Increase in Ascot Fees.............23III. THE ARIEL AND GABRIEL FUNDS.............................................................................24A. The Offering Memoranda for Ariel and Gabriel Were False and Misleading...................30B. Merkin’s Quarterly Statements and Investor Presentations Were False andMisleading..........................................................................................................................31C. Merkin Made Additional False and Misleading Statements to Investors..........................39IV. MERKIN FAILED TO CONDUCT ADEQUATE DUE DILIGENCE IN THEFACE OF CLEAR WARNING SIGNALS FOR FRAUD................................................41V. MERKIN’S SELF-DEALING...........................................................................................47CLAIMS...........................................................................................................................................50
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