Sunday, 29 March 2015
Last updated 1 day ago
Mar 21 2011 | 2:52pm ET
The owners of the New York Mets aren't the only ones facing renewed and unwanted scrutiny from the court-appointed receiver in the Bernard Madoff Ponzi scheme case.
The arch-fraudster's wife, Ruth, got at least $14 million from her husband's $65 billion scheme. Some of that money came through the Madoffs' investment of $12 million in Sterling Equities, the investment vehicle of New York Mets owners Fred Wilpon and Saul Katz. Sterling Equities, in turn, invested much of its money with Madoff. She is named in Picard's suit against Wilpon and Katz.
Picard based his estimate on Madoff's financial records from January 2002 through December 2008, including bank statements and cancelled checks. The trustee alleges that all of it was the fruit of Madoff's Ponzi scheme.
Ruth, who is now going by her maiden name, Alpem, after cutting ties with her husband in the wake of their son's suicide last year, has already agreed to forfeit claims to more than $80 million in assets, including her homes and her yachts, in exchange for being allowed to keep $2.5 million. But that agreement doesn't protect her from Picard, who sued her in the summer of 2009 for $44.8 million.
Ruth Madoff has until March 31 to respond the Picard's suit.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…