19 March, 2012

CNN Breaking News

The owners of the New York Mets have reached an agreement to pay $162 million to settle claims related to the Bernard Madoff case.

In the suit against the Mets, attorneys for the court-appointed trustee in the case alleged that team owners Fred Wilpon, Saul Katz and their partners engaged in "willful blindness." That's another way of saying that the Mets knew that Madoff's investment firm was a front for a pyramid-style scam but chose to invest with him anyway

People who invested with Madoff were cheated out of more than $17 billion.

Madoff pleaded guilty in 2009 to running the largest Ponzi scheme in history and was sentenced to 150 years in prison.

The trustee has collected about $9 billion of the money lost to Madoff's scheme, all of which will be returned to the victims.

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