Madoff & The Mets

[marmar]

(ESPN) The trustee looking to recover funds from victims of Bernard Madoff's Ponzi scheme officially wants more than $1 billion from New York Mets owners.

In an amended lawsuit filed Friday in U.S. Bankruptcy Court for the Southern District of New York, trustee Irving Picard now officially seeks more than $700 million in "alleged fraudulent transfers of principal." That's in addition to $300 million in alleged fictitious profits, which is defined as money withdrawn over principal.

The amended suit seeks to further demonstrate the close relationship between Madoff and Mets principal owner Fred Wilpon; Mets chief operating officer Jeff Wilpon, Fred Wilpon's son; team president Saul Katz, Fred Wilpon's brother-in-law; and their company, Sterling Equities. .............(more)

The complete piece is at: http://sports.espn.go.com/new-york/mlb/news/story?id=6233961

[hughee99]

1. I can't believe the Mets ownership would be unwise with it's money.

Are these the same guys that got out of paying Bobby Bonilla $6 million to go away by giving him $1 million a year til 2035? They might still be paying Mo Vaughn as well. Their money was safer with Madoff, at least there's a small chance they could get that back. They'll never see the Bonilla and Vaughn money again.