Mets bigs took $8M Madoff hit
By JEANE MACINTOSH, NY Post
Charities tied to Mets-owning brothers-in-law Fred Wilpon and Saul Katz got hosed for $8 million in the Bernie Madoff scandal, new tax records show.
The losses came after the nonprofits posted several years of eye-popping returns on their investments with Madoff -- as much as 65 percent in Wilpon's case, according to the filings -- before the Ponzi scammer's financial house of cards collapsed and the gains were revealed to be phony.
The Mets Charity Foundation -- which counts Katz, Wilpon and his son, Mets COO Jeff Wilpon, as trustees -- took the biggest hit, losing $3.8 million in the investment scheme, its IRS filing shows.
The loss left the $4.8 million foundation with "an inadequate amount of financial resources on hand" to "immediately satisfy" $752,000 in payouts to some of its causes, including $80,000 earmarked for Dominican Republic hurricane relief and $6,900 for the James Plummer scholarship, according to the paperwork.
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