Alison Cowan of the New York Times reports that the Bernie Madoff affair was not the first time the Wilpons have had to pay back money as a result of getting in early on a Ponzi scheme:
But for the owners, Fred Wilpon and Saul Katz, it is not the first time they have had their names and personal fortunes roughed up in a Ponzi scheme. An investment firm started by the two men had to pay back nearly $13 million two years ago when a hedge fund run by the scion of a wealthy New Orleans family collapsed in what was then regarded as one of Wall Street’s more brazen frauds.
I spent two years of my professional life defending a guy convicted of running a $50 million fraud, and part of that involved a number of mini-ponzi schemes and other assorted activities. One thing I learned is that a great number of the victims of such schemes are people who really like the idea of getting rich quick and who, either out of simple negligence or out of willful blindness, are eager to give their money to someone who promises quick and/or outsized returns on investment. Yes, some people are truly innocent victims, with the fraudsters creating elaborate schemes which withstand a reasonable amount of due diligence by the investor. But often times people are willing to skimp on the diligence because they are so dazzled by the prospect of boffo returns.
I have no idea where the Wilpons fall in all of this. But I do know that it’s not often that investors get burned by not just one, but two ponzi schemes. Especially allegedly sophisticated investors like the Wilpons.
Royals’ right-hander Yordano Ventura was pulled in the fifth inning of Saturday’s matinee against the Tigers with an apparent injury. After throwing four pitches to start the fifth and serving up a Justin Upton double, Ventura was visited on the mound by head trainer Nick Kenney. Per Rustin Dodd of the Kansas City Star, he’s day-to-day with back spasms and lower back tightness.
It’s just another bump in the road for the defending champions, who currently sit 6.5 games back of a postseason spot with seven left to play. Through 176 innings in 2016, Ventura posted a 4.35 ERA and 1.2 fWAR, a considerable downgrade from the 4.08 ERA and 2.7 fWAR he contributed during last season’s championship year despite a moderate bounce-back in the second half.
Prior to his early exit from Saturday’s game, Ventura went four innings for the Royals, giving up three runs on 10 hits and two walks and striking out six of 24 batters faced.
If you’re looking to rep the red and royal blue this October, you best get your gear inside the ballpark. According to Lauren Zumbach of the Chicago Tribune, the Cubs have sought a court order that would allow them to seize unauthorized merchandise being hawked outside of Wrigley Field. That includes shirts with taglines like “Just One Before I Die” and apparel depicting a blue flag with a white “W.”
[The Cubs] received a trademark for “W” flags, but a trademark for use on apparel is pending. Deeming a letter of the alphabet worthy of a trademark might seem like a stretch, but around Wrigley, everyone knows what that particular W in that particular color combination means, [intellectual property attorney Douglas Masters] said.
While seven vendors have been named in the suit, the Cubs have a list of 30 more whom they suspect of trademark infringement, including retailers who primarily operate online.
Back in 2013, the Cubs ran into a similar issue when a fan dressed as alternative mascot Billy the Cub and made multiple appearances on game days outside the park. After six years in the role, Billy the Cub was ordered to cease and desist his ballpark activities by the team.
This time, however, Billy’s tip jar pales in comparison to the revenue unauthorized sellers stand to reap over the next two months. With the playoffs just around the corner and playoff merchandise sales in full swing, quashing the competition (both on the field and off) will be top priority in weeks to come.
The club’s full complaint can be found here.