An enhanced indictment now indicates the largest-ever Ponzi scheme actually went on for nearly four decades, starting in the early 1970s.
The decades-long fraud cost investors about $17.3 billion, Picard estimated. Since becoming the trustee for victims swindled in the scheme, Picard said he has recovered more than $9 billion.
There is no sugarcoating the recently completed Mets road trip, as losing five-of-six to division opponents is unacceptable on a number of levels. But there is plenty of fight left in this team.
Peter Madoff, the younger brother of convicted Ponzi schemer Bernie Madoff, pleaded guilty Friday to charges he doctored documents that helped conceal a fraud that wiped out thousands of investors.
Peter Madoff, the former chief compliance officer at the private investment arm of Bernard Madoff’s business, has agreed to serve a decade in prison, they said.
If you were a victim of Bernard Madoff’s massive Ponzi scheme, there is some you might want to hear.
It will finally be payback for clients of Ezra Merkin, a high-powered money manager who invested in Madoff’s multi-million dollar Ponzi scheme.
“He’s under contract this year, we have an option for next year, there’s no gun to anybody’s head,” Wilpon said Wednesday.
Four associates of a New York businessman convicted in a $400 million Ponzi scheme were arrested early Wednesday on charges that they pocketed nearly $38 million in commissions for their efforts in advancing the fraud, federal prosecutors said.
Now that their financial future is sorted, the New York Mets can turn most of their attention back to the ballclub on the field. Good thing, too, because an awful lot of work lies ahead.
The good vibes engendered by the settlement of the Madoff lawsuit continues. The cloud that had long encased the organization in doom and gloom had seemingly lifted, and manager Terry Collins felt quite pleased for the principals involved.
The New York Mets have repaid loans of $25 million to Major League Baseball and $40 million to Bank of America, and have closed on the sales of 12 limited partner shares for $20 million each, a person familiar with the team’s finances says.
A last-minute deal ended a lawsuit that could have cost ownership control of the Mets. It was a $162 million settlement over claims the owners wrongly profited from the Bernie Madoff Ponzi scheme.
The trustee recovering money for investors swindled by Bernard Madoff may need a perfect pitch to a jury Monday to force the New York Mets owners to pay up to $303 million.
Owners of the New York Mets lost a key ruling ahead of a federal trial over whether they should return millions of dollars they received from jailed financier Bernard Madoff.