Wilpons face more Madoff allegations

March 3, 2011

The Wall Street Journal is reporting the New York Mets' owners will face more allegations from a court-appointed trustee who is trying to recover money for victims of the Bernard Madoff Ponzi scheme if they fail to reach a settlement.

The Journal, citing unidentified sources, reports that attorneys for Picard have informed Fred Wilpon and Saul Katz that additional allegations about amounts invested with Madoff will be added by March 18.

The trustee, Irving H. Picard, sued Wilpon and Katz and entities related to Sterling Equities in December, seeking at least $300 million.

Picard claimed the Mets profited with their Madoff investments and ignored warnings that his high returns might be false.

Wilpon has said his family was a victim in the scheme.