Mets Owner Seeks ‘Vindication’ In Madoff Case

Feb 18 2011 | 3:12am ET

The owner of the New York Mets said yesterday that he and his family would be “vindicated” of allegations against them in the Bernard Madoff scheme.

Fred Wilpon spoke as the Mets opened spring training in Port St. Lucie, Fla. Wilpon and his Sterling Equities, which owns the team, have been sued for as much as $1 billion by the court-appointed receiver in the Madoff case; Wilpon and Madoff were long-time friends.

Last month, Wilpon said he would seek a minority partner to take a stake in the Mets, but vowed that the family would not give up control of the team. Reports indicate that he hasn’t found many takers for a minority stake—several people, including Donald Trump, have said they wouldn’t mind buying the team outright—but Wilpon has said he has spoken with interested parties.

As for the accusation that the Wilpons knew what Madoff was up to, the owner would have none of it.

“Allegations are not fact,” he said. “We have to now come back and tell you what our facts are, based upon facts, based upon the law. And our lawyers are doing that, and they will do that. And we will be vindicated.”

“By vindication, I mean, number one, everybody will know we have nothing to do with it and we didn’t know anything about it, and we were duped.”

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...