Madoff Profits Fueled Mets’ Empire, Lawsuit Says
By ALISON LEIGH COWAN and RICHARD SANDOMIR
NYT
A lawsuit brought by the trustee for the victims of Bernard L. Madoff’s multibillion-dollar Ponzi scheme contends that the owners of the Mets used the profits from their years of investing with Mr. Madoff to enhance their personal fortunes, enrich a number of family trusts and financially fuel their array of businesses — all in the face of repeated warnings that Mr. Madoff’s investment firm might have been a fraud.
The lawsuit, unsealed in federal bankruptcy court in Manhattan on Friday, says the owners, Fred Wilpon and Saul Katz, their families and their businesses “made so much easy money from Madoff for so long” that despite the many warnings — from within their own inner circle, and by other investors and financial institutions — they “chose to simply look the other way.”
“There are thousands of victims of Madoff’s massive fraud,” the lawsuit states. “But Saul Katz is not one of them. Neither is Fred Wilpon.”
Since Mr. Madoff’s arrest in December 2008, Mr. Wilpon has portrayed himself as a victim of the fraud, one he conceded was carried out by a man who had been his friend for many years. On Friday, in a personal statement and through their lawyers, Mr. Wilpon and Mr. Katz decried the trustee’s legal assault.
(More here.)
NYT
A lawsuit brought by the trustee for the victims of Bernard L. Madoff’s multibillion-dollar Ponzi scheme contends that the owners of the Mets used the profits from their years of investing with Mr. Madoff to enhance their personal fortunes, enrich a number of family trusts and financially fuel their array of businesses — all in the face of repeated warnings that Mr. Madoff’s investment firm might have been a fraud.
The lawsuit, unsealed in federal bankruptcy court in Manhattan on Friday, says the owners, Fred Wilpon and Saul Katz, their families and their businesses “made so much easy money from Madoff for so long” that despite the many warnings — from within their own inner circle, and by other investors and financial institutions — they “chose to simply look the other way.”
“There are thousands of victims of Madoff’s massive fraud,” the lawsuit states. “But Saul Katz is not one of them. Neither is Fred Wilpon.”
Since Mr. Madoff’s arrest in December 2008, Mr. Wilpon has portrayed himself as a victim of the fraud, one he conceded was carried out by a man who had been his friend for many years. On Friday, in a personal statement and through their lawyers, Mr. Wilpon and Mr. Katz decried the trustee’s legal assault.
(More here.)
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