Results tagged “clawback”

While losses are all too familiar to the Mets, it turns out that the organization made a bit from two accounts invested with Bernard Madoff. The NY Times reports, based on court filings, "Mets LP, one of the team’s financial arms, withdrew $570.5 million from two accounts it held with Madoff’s company, $47.8 million more than it put in."

Bernard Madoff, everyone's favorite multi-billion-dollar Ponzi schemer, was supposed to be sentenced for his fraud on June 16, but it was postponed till June 29. While U.S. District Judge Denny Chin didn't explain why the sentencing rescheduled, Bloomberg News reports that he "[outline] a procedure for victims who wish to submit letters to him or to speak at the sentencing," with the order reading, "Due to the number of victims in the case, the court cannot guarantee that every victim who wishes to speak at sentencing will have the opportunity to do so." (His victims do have a lot to say.) Madoff, who faces 150 years in prison, is being held that Metropolitan Correctional Center. In other news, the trustee charged with liquidating Madoff's assets believes he'll be able to approve $100 million in investor claims this month and win clawback settlements later on.