Daily News: MLB Puts Ponzi Linked Owner, who nearly lost his club

[weams]

<blockquote class="twitter-tweet" lang="en"><p>Fred Wilpon, MLB's new finance chairman, admitted in the 2011 New Yorker article that he knew nothing about finances. <a href="http://t.co/ovsjU5Xwmk">pic.twitter.com/ovsjU5Xwmk</a></p>— Ed Leyro (@Studi_Metsimus) <a href="

">January 18, 2015</a></blockquote>

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[weams]

<blockquote class="twitter-tweet" lang="en"><p>Fred Wilpon being named chairman of MLB’s finance committee is GTFO-level jaw-dropping. Is he gonna get everybody 18% annual returns?</p>— Jay Jaffe (@jay_jaffe) <a href="

">January 18, 2015</a></blockquote>

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[weams]

<blockquote class="twitter-tweet" lang="en"><p>Hmm, let's see... just took over as MLB commissioner... got a big fancy office... now what can I do to torch my credibility? ... I know!!</p>— Andrew Stoeten (@AndrewStoeten) <a href="

">January 18, 2015</a></blockquote>

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[weams]

<blockquote class="twitter-tweet" lang="en"><p>That's like John Rocker being named Diversity Chair <a href="https://twitter.com/AdamRubinESPN">@AdamRubinESPN</a>: Fred Wilpon becomes MLB finance chair <a href="http://t.co/h9Cd5FgaJ4">http://t.co/h9Cd5FgaJ4</a> <a href="https://twitter.com/hashtag/NYM?src=hash">#NYM</a> <a href="https://twitter.com/hashtag/Mets?src=hash">#Mets</a></p>— Matt Markus (@MarkusESPNLV) <a href="

">January 18, 2015</a></blockquote>

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[AdamK]

When I was in the ad industry working on a startup airline, my agency eventually heard a story about how the president and main stakeholder of this start up had been duped for dozens of thousands of dollars by the Nigerian Prince scheme. The guy in charge of all the money. It was his money, but still...

They never did get the funding they needed to achieve their goal.

Not sure what this means. It was just an amazing story, if not unfortunate for him and his family and his business partners who found this out.

[OsEatAlEast]

When I was in the ad industry working on a startup airline, my agency eventually heard a story about how the president and main stakeholder of this start up had been duped for dozens of thousands of dollars by the Nigerian Prince scheme. The guy in charge of all the money. It was his money, but still...

They never did get the funding they needed to achieve their goal.

Not sure what this means. It was just an amazing story, if not unfortunate for him and his family and his business partners who found this out.

I remember getting one of those e-mails. I was going to respond back saying "I'd like to help you out! But currently my money is being stored on the international space station. Could you wire me $1,000,000 so that I can go up on the next shuttle to get it?"

[byrdz]

Twice involved with Ponzi schemes? Sounds like this guy needs to be in prison with his buddies. Not running MLB's finances.

[Larry18]

Mr. Picard said the Sterling* partners ignored warnings about Mr. Madoff's operation from multiple sources, including managers at a hedge fund they helped start and an executive at Merrill Lynch. The trustee also alleged that in a move designed to appease Mr. Madoff, the partners restructured their hedge fund when registering it to avoid having to disclose their Madoff investments to U.S. regulators

http://www.wsj.com/articles/SB10001424052748704709304576124104225741650

*Sterling Equities is Fred Wilpon's umbrella company that owns the Mets.

[AdamK]

Twice involved with Ponzi schemes? Sounds like this guy needs to be in prison with his buddies. Not running MLB's finances.

[AdamK]

I remember getting one of those e-mails. I was going to respond back saying "I'd like to help you out! But currently my money is being stored on the international space station. Could you wire me $1,000,000 so that I can go up on the next shuttle to get it?"

I was absolutely fascinated to learn more.

(It was more sophisticated than just wiring some money to a stranger)

You'd plan on meeting with this person at the bank (a big, busy one), you'd get there first and wait in a busy lobby, they'd find you (but come in after you from the outside entrance) and suggest you just grab a coffee at a store outside and talk there -- And so on... It was a well orchestrated, yet simple scheme that involved lots of slight of hand. Apparently enough people fall for it in order for it to be a thing we all have heard about.

It's a big world out there. Money and bacon rule it all.

[mall-O-cup]

I'm with you on this one. I think the Wilpon's are as guilty as sin.

Remember, I think the Wilpons were aware of the scheme and a part of it. And bought their way out of prosecution for it. It's what I believe.