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Merkin is accused of a $2.4 billion fraud for the way he managed his investment firm, Gabriel Capital Corporation. According to Cuomo, Merkin claimed to manage three separate funds, but in fact he entrusted his clients’ money to Madoff.

“Merkin duped individual investors, nonprofits, and charities into believing he was responsibly managing their investments, when in actuality he was dumping them into history's largest Ponzi scheme,” said Cuomo.

Merkin used his considerable earnings from Gabriel Capital to assemble one of the world’s greatest Mark Rothko collections. The Guardian reports that Merkin’s Rothkos are worth a combined $91 million; ARTINFO had previously reported this number to be significantly higher, $150–200 million.