Friday, December 12, 2008

Wilpon duped by scam artist

The company that owns the Mets was one of a handful of ultra-wealthy investors prosecutors say were duped by Wall Street wheeler-dealer Bernard Madoff.

Sterling Equities, which owns the Mets, the Brooklyn Cyclones and major real estate developments in New York and Florida, confirmed it had invested money with Madoff.

The company would not say how much it had invested, how much might have been lost or how if it would affect the Mets.


Mets owner Fred Wilpon may have been big loser in Bernard Madoff's $50 billion ponzi scheme

11 comments:

love it said...

i love it , now he know how the people at willets point feel to have their property and $$ stolen. i won't even shed a tear

Anonymous said...

Poetic justice.

Anonymous said...

One of the seven deadly sins ...GREED. Oh well.....now they know how it feels - Thats what happens ... your so busy screwing people over, you dont realize that your getting screwed at a different level.

Taxpayer said...

Being rich is certainly no insurance against being stupid.

Don't you agree, Commissar Death and Taxes?

Miles Mullin said...

Being rich is certainly no insurance against being stupid.

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Amen brother!

Anonymous said...

GOOD!

Now Fred can join his Mets historic reputation as losers.

Isn't it high time to LOSE that Willets Point jerk off redevelopment plan? !!!

Alan said...

Amazing! This scam is 100X bigger than the Ponzi scheme created by former Queensite Lou Pearlman. Pearlman's $500 million deception used falsified documentation and unwitting brokers to carry out his plan.

In 1995, I learned that my 500 shares of stock in a Pearlman company was removed from me without knowledge or permission. I reported this and other anomalies to the SEC but only received a form letter from that agency. In a recently published Harper Collins book entitled HIT CHARADE, author Tyler Gray provides greater detail of this effort and insinuates that an investigation at that point may have stopped Pearlman.

Unfortunately, with the success of the Backstreet Boys and *NSYNC, there was an illusion of great wealth and so people were just throwing their money at a phoney retirement plan created by Pearlman, not realizing that they were throwing away years of earnings and investments with legimate companies. Pearlman had almost everyone fooled, including government investigators, or so it is alleged.

Pearlman's house of cards crumbled in 2006 but not before $500 million of bank and investor money was gone...and so was Pearlman! The point I am trying to get to is that there must have been some awareness of this HUGE Ponzi scheme as well but those assigned to protect us have been failing miserably. While I am glad that Wilpon will feel some hurt, what happens to the little people who have been duped? Are taxpayers going to pick up the tab on this one as well?

Anonymous said...

mets suck any way

Anonymous said...

I'll bet they cut Claire Shulman's salary and the Willets (Wellington) Point hand job will be put on hold
indefinitely.

In this crumbling economy we're going to need all these auto salvage businesses to help keep our old cars running longer.

I just priced buying my family a brand new ride....WHEW!

Forget about it!

Anonymous said...

Bravo!

What goes around comes around!

It couldn't have happened to a more deserving little prick!

Anonymous said...

"I'll bet they cut Claire Shulman's salary and the Willets (Wellington) Point hand job will be put on hold
indefinitely."

What ever happened to the fine that Shulman should be paying for two years of illegal lobbying? Anyone know what's going on with that?