So now the Wilpons have been involved in TWO ponzi schemes?
I mean seriously who on earth gets ponzi’ed TWICE???
The illustrious owners of the NY Mets that’s who.
Interestingly in both cases they managed to get their money back, if not possibly more with Madoff, while others lost everything.
Monday’s NYT reported Wilpon and Saul Katz invested 29.7M in Bayou, a scam company run by a crook named Samuel Israel III.
Apparently the Wilpons got wind something wasn’t quite right because they withdrew about 29M just a few months before the pyramid scheme came crashing down.
The Wilpons were sued in the aftermath of that scandal and settled when they agreed to pay back 13M.
If this all sounds familiar it’s because it sounds like almost the exact same scenario thats playing out with the Madoff scandal.
The Wilpons sunk a whole bunch of money into their friend’s company. Over time they withdrew more than any other investor and when the racket came crashing down they end up getting sued.
At the very worst the Wilpons knew something was wrong and acted quickly to grab their cash before anyone else could get theirs. Thats a slimy move but I honestly can’t say I wouldn’t do the same.
At the very best the Wilpons are suckers.
Regardless ponzi scam number 2 is gonna be MUCH bigger than we’ve been led to believe.