The Mets said Thursday that despite the prominence of the principal owner, Fred Wilpon and his businesses, on a list of the victims of Bernard L. Madoff's suspected $50 billion Ponzi scheme, the team remains financially sound. While the Mets have not been acting like a team in financial crisis with several high-priced off-season signings, there are reports that the Wilpons – Fred and his son Jeff – have been "putting the arm" on several big ticket players for short term loans to cover their (undisclosed) losses and pay their free agents.
A former SEC official thinks he sees a familiar pattern. "Borrowing money from players under contract to pay for free agents -- which sounds like what they're doing -- does appear to have a subtle Ponzi-like element to it. Not that my background with the SEC gives me any special insight into such things. But I could see how one might come to that conclusion."
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Original Story:
http://sportsmansdaily.com/madoff_vic...
A former SEC official thinks he sees a familiar pattern. "Borrowing money from players under contract to pay for free agents -- which sounds like what they're doing -- does appear to have a subtle Ponzi-like element to it. Not that my background with the SEC gives me any special insight into such things. But I could see how one might come to that conclusion."
(More)
Original Story:
http://sportsmansdaily.com/madoff_vic...
