bernard madoff: ShortFormBlog

17:34 • 2 years ago

Bernie Madoff trustee: The NY Mets knowingly took ill-gotten cash

$300
million the estimated amount in profits the New York Mets allegedly earned from Bernie Madoff’s ponzi scheme
$90
million the estimated amount that the team reportedly took from Bernie Madoff-related bank accounts source

» And now they’re being pressured to give it up: Irving Picard, the trustee in charge of the insanely massive Bernie Madoff account, claims in a lawsuit that the Mets organization, represented by Sterling Equities, turned a blind eye to Madoff’s scheme and had plenty of opportunities to see red flags pop up. ”The Sterling partners were simply in too deep – having substantially supported their businesses with Madoff money – to do anything but ignore the gathering clouds,” says the complaint first made public on Friday. Officials for the team call the claims ”an outrageous strong-arm effort” at getting money out of them, and deny any wrongdoing.

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11:14 • 2 years ago

Current score: Who’s still getting screwed by Bernie Madoff?

Tags: bernard madoff Jeffry Picower madoff ponzi scheme settlements victims 2 • Permalink

16k number of people claim to have been affected by the breakdown of Madoff’s ponzi scheme, which left many of the victims destitute
60% of victims may never see any of the money because they put their money into Madoff’s care indirectly, though feeder funds
400 investors were sued for taking more than they were worth from Madoff’s ponzi scheme (though some of them are broke, too) source

» Not every victim is getting helped: Only around $5.9 billion in losses has been recognized by the trustee so far, which much of the rest of the money owed indirectly by hedge funds that need to pay back the money they withdrew first.

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