Hedge fund manager, Ezra Merkin has been charged for channeling over $2.4 billion to Bernard Madoff’s Ponzi scheme in exchange for profitable fees, The Wall Street Journal reports. Andrew Cuomo, New York attorney-general, filed civil fraud charges against Merkin for steering money from charities, universities and non-profit organizations to Madoff and reaping about $470 million in fees for his three funds.

The sales pitches were for Merkin’s three funds Ascot Partners, Gabriel Capital and Ariel Fund. Merkin’s funds investors included New York University, New York Law School which have sued Merkin separately, alleging he misled them about his investments with Madoff.

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