Mets Owners Told to Pay Illegal Madoff Profit, Face Trial
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The New York Mets may have to pay just $30 million following a court ruling against them, a fraction of the $386 million sought by the trustee representing victims of Bernard Madoff’s Ponzi scheme from the team and related defendants.
Fred Wilpon, Saul Katz and other defendants must give up as much as $83 million in fictitious profits from Bernard Madoff’s Ponzi scheme and face a trial over whether they acted in bad faith, a decision that could cost them $303 million more, U.S. District Judge Jed Rakoff ruled.