Who Knew?

Did Madoff Sink the New York Mets?

Baseball team was heavily invested in Ponzi scheme.

New York Mets fans have something new to complain about: Fred Wilpon, the team’s main owner, and Saul Katz, the team’s president, met with MLB commissioner Bud Selig Tuesday to discuss the team’s finances, which are in shambles from Bernie Madoff’s Ponzi scheme. The New York Times says that the Mets would sometimes invest deferred money owed to star players in Madoff’s firm. (The plan was to keep the interest payments for themselves.) The trustee of Madoff’s estate, Irving Picard is suing the men for hundreds of millions of dollars; he says they worked closely with Madoff and continued dealing with him, even after suspicions were raised. Last Friday, Wilpon and Katz announced they were seeking minority partners.