Skip to comments.Trustee for Madoff victims faces tough road
Posted on 05/02/2011 8:37:45 AM PDT by Liz
Court-appointed trustee Irving Picard is looking to clawback monies from Madoff feeder funds........$9B from HSBC, $6.4B from JPMorgan Chase, $2B from UBS, $1B from Mets' owners Fred Wilpon and Saul Katz, $425M from Citigroup...........among others.
(Excerpt) Read more at nypost.com ...
Fred Wilpon Sterling Equities co-founder; Mets co-owner Earnings: $52.8M from 57 Madoff accounts
Judith Wilpon Freds wife Earnings: $24.7M from six Madoff accounts
Iris Katz Sauls wife Earnings: $35M from six Madoff accounts
Saul Katz Sterling Equities co-founder; Mets co-owner Earnings: $45M from 68 Madoff accounts
Jeff Wilpon Fred and Judiths son, Sterling exec VP, Mets COO Earnings: $37M from 62 Madoff accounts
Richard Wilpon Freds brother, Sterling Equities partner, Mets board member Earnings: $23.1M from 60 Madoff accounts
Michael Katz Sauls brother, Sterling Equities partner, Mets board member Earnings: $19.1M from 59 Madoff accounts
Heather Katz Knopf Saul and Iris daughter Earnings: $33M from 44 Madoff accounts
THIS MADE ME LAUGH OUT LOUD Madoff complained that Saul Katz told his country club friends that “nobody knows how Madoff does it.” Katz’s blathering likely irritated Madoff because his epic Ponzi scheme depended on an air of mystery and intrigue to ward off regulators and lure customers.
Katz, Fred Wilpon’s BIL, co-founder of Sterling Equities, and Mets co-owner, will repeatedly tell you he is a CPA........the brains behind Sterling’s investment portfolio and business operations.....in charge of all the family finances invested with Madoff. And yet the investment pro, claims he had no knowledge that Madoff was running a Ponzi. Katz took out over $120M just in the last six years. Katz’s three sons, who work for Sterling Equities, snared more than $237M. Katz married Wilpon’s sister, Iris, more than 50 years ago and in 1972 went into business with Fred.
I’m still trying to understand the distinction between Madoff’s gang and the corrupt reprobates that scurry around the halls of our congress.
Zero difference.....except the gangs in Congress are harder to lock up.