Mets Owners Made $300M Off Madoff Scheme
(NEWSER) â€“ The New York Metsâ€™ two owners, along with their businesses and families, made some $300 million in fictitious profits from Bernie Madoffâ€™s Ponzi schemeâ€”putting them among its top beneficiaries, says a lawsuit unsealed today. The Mets withdrew some $90 million from the teamâ€™s 16 accounts with Madoff, and the money was used for â€œday-to-dayâ€ expenses, the Wall Street Journal reports.
Mets owners Fred Wilpon and Saul Katz â€œwere simply in too deepâ€”having substantially supported their businesses with Madoff moneyâ€”to do anything but ignore the gathering clouds,â€ says the suit, filed in December under seal by Irving Picard, the trustee recovering victims’ money. The two men â€œcategorically rejectâ€ the charges. â€œWhile they may make for good headlines, they are abusive, unfair and untrue,â€ they said in a statement. â€œWe should not be made victims twice overâ€”the first time by Madoff, and again by the Trustee’s actions.â€