The New York Times
Fri, February 04, 2011 -- 12:31 PM ET
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Suit Says Mets Owners Ignored Warnings on Madoff
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:
http://www.nytimes.com/2011/02/05/sports/baseball/05mets.html?hp&emc=na
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