The trustee who is recovering money for the individuals who were victimized by Bernard Madoff’s Ponzi scheme is set to argue that the owners of the New York Mets baseball team should pay up to $303 million in victim compensation.
The trustee is going to argue that the Mets owners were well aware of Madoff’s fraud, but continued investing with Madoff because doing so appeared to be so lucrative. The judge had previously ruled that the Mets’ co-owners, Fred Wilson and Saul Katz, are required to pay back the $83.3 million in fictitious profits that they received from Madoff.
The financial stability of the Mets has been severely damaged as a result of the Madoff fraud. The Mets’ owners have been forced to make severe payroll cuts and have tried to raise money by selling off pieces of the team.
Madoff, who is 73 years-old, is presently serving a 150-year jail sentence in a North Carolina prison.
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