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Lawsuit blames Mets owners for 401K losses during Madoff Ponzi scheme

Posted By James Kwasnik On July 30, 2010 @ 5:01 pm In Uncategorized | Comments Disabled

As if the Mets didn’t have enough distractions, now there’s this:

NEW YORK (AP) – A new lawsuit blames the owners of the New York Mets for letting their workers put more than $16 million in 401K assets into accounts controlled by jailed financier Bernard Madoff.

The lawsuit was filed in federal court in Manhattan today. It was brought by the wife of a former employee of Sterling Equities Associates, which owns the Mets.

The lawsuit claims 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.

A message left with a spokesman for Sterling was not immediately returned.

The court-appointed trustee who is recovering Madoff money for investors has said the Mets profited from their investments with Madoff.

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