The Mets May Have Known Madoff Was Up To Something

Oh it's just a make fun of the Mets sort of day.

According to the trustee in the Bernie Madoff bankruptcy case, Sterling Equities, the company that owns the Mets, SNY, and other assets, knew that Madoff may have been up to something shady. Why? Because, in 2001, they took out fraud insurance on their account with Madoff: [Insurance Journal]

Trustee Irving Picard says partners in Sterling Equities contacted a broker to ask about insuring their account with Madoff in February 2001. In one handwritten note, court records say partner Arthur Friedman wrote the insurance should cover “fraud or fidelity” with the word “Ponzi” in parentheses. Picard filed the court documents Thursday.

Picard [trustee] claims Sterling partners knew Madoff was stealing from new investors to pay off older investors. He wants them to repay $1 billion to Madoff’s victims.

 

Sterling Equities, of course, denies knowing anything about Madoff's Ponzi scheme, which they were heavily invested in. 

The Mets: America's car accident.

H/T to Derek

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5 Responses

  1. The uber-train wreck that is the Mess just keeps getting better and better by the minute, and baby, I’m just lovin’ it. I’m no legal eagle, but if it’s proven that Sterling knew some bad mojo was going down with Madoff and kept it under wraps, then warm up the shysters, because lawsuits will be flying fast and furiously in ways Vin Diesel could never imagine! I can’t wait to hear Bud “The Blithering Boob” Selig mumble his way through some mealy-mouthed ramble once this bombshell drops!

  2. just sad. i hate the mets, too, but all this shite about money and madoff and the criticism… man this is just really sad.

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