Thursday, 24 July 2014
Last updated 55 min ago
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.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…