Monthly Archives: July 2010

Suit for Madoff Related Losses

A new lawsuit in U.S. District Court in Manhattan has been brought against Sterling Equities Associates, which owns the Mets, baseball team and also named Fred Wilpon, the Mets chief executive officer and principle owner for letting their workers put more than $16 million in 401k assets into accounts controlled by Bernard Madoff.

The complaint alleges that Sterling Equities and several of its top executives should have known that Madoff was carrying out a massive Ponzi scheme that cost thousands of investors billions of dollars.