Tuesday, January 19, 2010

Madoff bilked Wilpon's charities

Mets bigs took $8M Madoff hit

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.

Photo from Walk Off Walk


The Congressman's Shadow said...

Time to cross check Ackerman, Selig (etc.) Zeisis, Xenonics connections with Madoff!

Anonymous said...

Sounds like the Wilpons are crying in order to raise money for their private charity. It seems that they don't want to re-fund the charity from their own deep pockets/ Didn't they spend 1.5 billion dollars to build them-selfs a temple to house their sport toys?

Detective McNutty said...

I feel bad for the Met fans. The MLBPA has known for years Major League teams have two sets of books. One they show the union proving they are losing money and another showing the owners their profits. There have been many reports that the Wilpons made more money than they supposedly lost. So their lies about not having money for free agents and this story should not be believed.

So instead of fielding a good team with money that fans pay, the Muts would rather feign poverty.