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.
ESPN’s Buster Olney reports that Dodgers pitcher Hyun-Jin Ryu felt sore after his latest rehab start with Triple-A Oklahoma City. The Dodgers will have him back off his planned assignments as a result.
Ryu hasn’t pitched for the Dodgers since September 12, 2014. He had offseason shoulder surgery and then suffered a groin injury in April. The Dodgers were hoping to get him back around mid-June but they’ll likely have to wait longer than that now.
Prior to Wednesday’s Triple-A rehab start, Ryu appeared in two rehab outings with Single-A Rancho Cucamonga. He has decent results in his three appearances, yielding three runs (one earned) on eight hits with no walks and six strikeouts in nine innings.
Jackie Bradley, Jr.’s hitting streak may be gone, but Xander Bogaerts‘ is still alive and kicking. The Red Sox shortstop extended his streak to 22 games on Sunday afternoon against the Blue Jays, hitting a ground ball single to left field off of R.A. Dickey in the sixth inning.
Coming into Sunday’s action, Bogaerts’ .351 batting average was the best mark in the American League and bested only by the Nationals’ Daniel Murphy (.390) and Ben Zobrist (.354). Bogaerts’ 71 total hits marked the most in baseball entering Sunday as well.
Dennis Lin of the San Diego Union-Tribune reported on Saturday that the Padres and White Sox have been discussing a trade involving starter James Shields. Those talks have “significant momentum,” according to Lin. MLB Network’s Jon Heyman, however, says that nothing is imminent and that the Padres have fielded calls from a lot of teams interested in Shields.
Shields, 34, has a 3.06 ERA and a 56/23 K/BB ratio over 10 starts this season. He’s in the second year of a four-year, $75 million contract, earning $21 million this season as well as in 2017-18 with a $2 million buyout if his 2019 club option for $16 million is declined. Presumably, the Padres would be covering a portion of that remaining contract.
The White Sox got off to a hot start, but have slumped in May. The club entered Sunday on a five-game losing streak and had lost 11 of the previous 14 games. While Chris Sale and Jose Quintana have been outstanding at the top of the starting rotation, the back end of Carlos Rodon, Mat Latos, and Miguel Gonzalez has been underwhelming.
Update (3:13 PM EDT): The no-hit bid is over. Odorizzi got Jacoby Ellsbury to ground out to lead off the seventh inning, but issued a walk to Brett Gardner before Starlin Castro crushed a two-run home run to left-center field, putting the Yankees up 2-1.
Rays starter Jake Odorizzi is two-thirds of the way towards a no-hitter against the Yankees on Sunday afternoon. On 81 pitches thus far, the right-hander has struck out five and walked none on 83 pitches. The lone blemish is a fielding error by shortstop Brad Miller.
The Rays have provided Odorizzi with just one run of support, coming on an RBI single by Evan Longoria in the third inning against Yankees starter Nathan Eovaldi.
If Odorizzi can finish the final three innings without a hit, he would record the Rays’ first no-hitter since Matt Garza on July 26, 2010 against the Tigers. For the Yankees, it would be the first time they would be victims of a no-hitter since the Astros’ combined no-hitter on June 11, 2003 which involved Roy Oswalt, Pete Munro, Kirk Saarloos, Brad Lidge, Octavio Dotel, and Billy Wagner.