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The Mets May Have Known Madoff Was Up To Something
By Kyle Scott
Published:
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
Kyle Scott is the founder and editor of CrossingBroad.com. He has written for CBS Philly and Philly Voice, and been a panelist or contributor on NBC Sports Philly, FOX 29 and SNY TV, as well as a recurring guest on 97.5 The Fanatic, 94 WIP, 106.7 The Fan and other stations. He has more than 10 years experience running digital media properties and in online advertising and marketing.