Tag Archives: ponzi

Business/Economics, U.S.

New York Mets: Madoff Ponzi Scheme Partners?

The owners of the New York Mets baseball team are in big trouble, financially anyway.  They just struck out on a much needed injection of cash from potential investor David Einhorn.  To the tune of $200 million.

The Mets owners lost money when ponzi schemer Bernie Madoff was finally caught.  But don’t shed a tear for the owners of the Mets, turns out they were making big profits under Madoff’s illegal investment pyramid.

Irving Picard, a lawyer, doesn’t believe claims by Mets owners, that they were ignorant of Madoff’s ponzi scheme.  He’s suing them for a grand total of $1 billion.

Out of that $1 billion, $300 million covers the profits the Mets owners made off Madoff’s illegal scheme, and the other $700 million is the total amount the Mets invested with Bernie Madoff.

 

 

Business/Economics, Idaho, U.S.

Idaho investor guilty of $76 million Ponzi scheme

Daren Palmer plead guilty, in a Federal court in Pocatello, Idaho, to running a ponzi scheme which cost investors $76 million.

The FBI spent two years investigating, and last month criminal charges were filed against Palmer.  He will be sentenced in August.

The SEC, and CFTC filed civil cases against Palmer, which resulted in an order for Palmer to pay fines and restitution of $90 million.

U.S. Federal attorney’s say Palmer wanted to plead guilty last year.  Some of his neighbors were in the Federal courtroom when he plead guilty, they say he’s a nice guy and believe he just “made a mistake”.