View Full Version : The Wilpons unfortunate luck with Ponzi Schemes

The Boss
01-31-2011, 10:14

Now the New York Times is reporting that something similar to the Madoff scam has already occurred with a company founded by Fred Wilpon and Saul Katz. According to an article written by Alison Leigh Cowan in the Times, Wilpon and Katz started an investment firm that, two years ago, had to pay back nearly $13 million when a hedge fund collapsed from a Ponzi scheme.
The Times goes into the many similarities between this $450 million fraud, perpetrated by Samuel Israel III (now serving 22 years in prison), and the Madoff scam. The firm that Wilpon and Katz started, called Sterling Stamos, was accused of withdrawing money from a Sam Israel-entity named The Bayou Group after detecting evidence of possible fraudulent activity. Because of this alleged knowledge, lawyers for the defrauded went after Sterling Stamos for more than the $30 million that they took out (possibly something that the trustee in the Madoff case is trying to do; that is, go far beyond the simple “clawback” number of $47.8 million).

I don't see anyway that this new information is not going to fuel speculation for the foreseable future. With the Mets losing this upcoming season, the fans will blame the lack of free agents being signed, and with that comes the name Madoff (the FAN has been fielding calls for 2 years about this already) and now the team admitting theres a financial strain on the team due to this. As you see in the above quote from WFan, we now have another report that gives us more reason to believe the Mets ownership is not as honest as you would like, and for Met fans, this could likely be the main explanation for a losing season this upcoming year.

01-31-2011, 11:55
This has the potential to be a huge story. It kinda has that feel the the Tiger Woods and Michael Vick stories on the first day. I'm saying I think the Wilpons are criminals but I wouldnt be shocked at all the find out they knew all about this before the fact.

Jersey John
01-31-2011, 22:12
The Mets are a complete disaster, it doesnt even matter what happens with this mess, they are still going to be a massive dissapointment

Jimmy from Brooklyn
02-01-2011, 12:18
Theres no doubt this is affecting the way they do business. I think Mike said yesterday that if they dish off Reyes mid season you will have your answer. They wont want to pay him at the end of the year.

The Boss
02-02-2011, 10:16
The news Evan Roberts is talking about right now is devestating. The Madoffs and Wilpons are attending eachothers family weddings? Met player contracts were backed up by money invested with Madoff accounts? This is getting to a Pete Rose zero tolerance level that seems to be heading towards the Wilpons being forced to sell the team. I don't think baseball wants this connection and if it damages the team and MLB, Selig can force them out for the good of baseball.

Jersey John
02-02-2011, 22:59
Just sell the team and try to stay out of jail Jeff!

The Boss
02-03-2011, 15:20
On the fan they are saying the settlement negotiations have broke down and someone is pushing for the details of the claim to be made public... this could be very ugly very soon

Jimmy from Brooklyn
02-14-2011, 17:12
Mike has a book on the subject hes been reading. He's ready to go for hours on end with expert analysis on the subject from here on out.

The Boss
02-16-2011, 12:18
Yesterday Francesa was all over this, sounds like he's going to run with it again today. If you hear the slightest bit of news on this issue you can bet the big guy is going to make it a 5 hour thing. Hopefully he's just opening with this. Madoff is a liar, and you can't believe what he says. Point made. I dont happen to think it matters one way or the other what Madoff says about the Wilpons knowledge of his scheme. The man is clearly a top notch fraud and you need a great poker face for that so.... Why was he being interviewed anyway? Reporters get to go in there and interview these guys in visitation or something?