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Friday, February 04, 2011

NY Times: Suit Says Mets Owners Ignored Warnings on Madoff

According to the NY Times, a lawsuit brought by the trustee for the victims of  Bernard L. Madoff's multibillion-dollar Ponzi scheme accuses the owners of the Mets of being so enamored of the enormous profits they earned while investing over decades with Mr. Madoff that they ignored repeated and specific warnings that he might have been operating a fraud.

The lawsuit, unsealed in federal bankruptcy court in Manhattan on Friday morning, contends that the team's owners, Fred Wilpon and Saul Katz, used the profits from their investments in Madoff to establish personal fortunes, create dozens of family trusts and financially fuel their array of businesses, from the Mets to real estate to the creation of a cable sports network.

At various times over the years, as their investments only widened and deepened, they were blind to what the lawsuit calls a litany of alarms sounded by those close to them, by fellow investors and by financial institutions.

Read More:
Go to NY Times.com

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