12.07.10

Madoff Trustee : Wilpons Profited From Bernie Victims’ Losses

Posted in Baseball, The Law, The Marketplace at 5:16 pm by

Mets mouthpiece David Howard has long stressed that Fred and Jeff Wilpon’s investment’s with convicted fraudster Bernie Madoff (above) did not in fact, leave the franchise high and dry.  Bankruptcy trustee Irving Picard would seem to agree, having filed suit against the Wilpons and the Mets Tuesday alleging they profited to the tune of some $48 million in Madoff’s Ponzi scheme. From CNBC.com :

According to court documents filed in October 2009, the Mets Limited Partnership was a net winner in the Madoff Ponzi scheme. The partnership is alleged to have turned a profit of around $48 million.

It is not yet known how much money is being sought from the Wilpons and the Mets.

Picard has until the two-year anniversary of Madoff’s arrest on Saturday, Dec. 11 to file lawsuits in the series of callback cases for net winners in the Madoff Ponzi scheme.

I’ve no idea how strong Picard’s case might be, but if there’s any way these funds can be physically beaten out of Oliver Perez, I’m all for it.

One Response to “Madoff Trustee : Wilpons Profited From Bernie Victims’ Losses”

  1. joe says:

    you got to be kidding me , Wilpon knew ,an astute business man like that should have known those returns were not legally possible

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