For the owners of the Mets, their involvement with Bernard L. Madoff’s giant investment fraud has been embarrassing and costly. They are being sued for hundreds of millions of dollars, and have been accused of having been, at minimum, willfully ignorant of what Madoff was up to.
But for the owners, Fred Wilpon and Saul Katz, it is not the first time they have had their names and personal fortunes roughed up in a Ponzi scheme. An investment firm started by the two men had to pay back nearly $13 million two years ago when a hedge fund run by the scion of a wealthy New Orleans family collapsed in what was then regarded as one of Wall Street’s more brazen frauds.
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