Wilpons Undisputed Kings of the Ponzi

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.

3 Responses to “Wilpons Undisputed Kings of the Ponzi”

  1. USMF Says:

    I’m not sure how you can go from getting ripped off for $40-$700mil (or what ever the number that was being thrown around last year) too now, making such a huge profit that you’re being sued for it…

    OK, fine I understand it, but it goes to show how people in the media don’t really care about the facts, they just want to run a controversial story, who cares if it accurate.

    Now I feel bad for the people who loss their entire investment with Madoff, but lets be honest, these people aren’t the upped-lower-middle class slobs that now are forced to live on the streets. These are millionaires suing other millionaires. Unless someone can prove that the Wilpons had knowledge of the scheme and were involved in any way other than being a large investor, how is it Their responsibility to pay off the losses?

    I thought the Fed took most of Madoff’s money and are auctioning off his estate to pay back the losses? What happened to that money? And why can’t you find any dollar amounts to what the Fed took from Madoff and what they have “paid” to the victims?

    Here’s the worse thing, right now the US Government is running Ponzi scheme so big that makes Madoff’s look like lunch money…What’s worse is that the Feds don’t even give you a choice on if or how much you invest before they give that money away to other programs (or people who haven’t even paid in themselves) . These programs that are designed to “payback” the special interest groups that gave these crooks millions to keep them in office.

  2. NeonCleon21 Says:

    USMF - you’re out of your mind. And Obama is an Arab? lol.

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