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.
The Royals announced on Thursday evening that reliever Luke Hochevar has been placed on the 15-day disabled list (retroactive to July 25) as he’s showing signs of thoracic outlet syndrome, MLB.com’s Jeffrey Flanagan reports. Reliever Brooks Pounders has been recalled from Triple-A Omaha.
Thoracic outlet syndrome, simply put, is the compression of blood vessels and nerves between the neck and the shoulder. As we’ve seen lately, the fix for this often involves surgery to remove the pitcher’s upper rib.
Hochevar, 32, has compiled a 3.86 ERA with a 40/9 K/BB ratio in 37 1/3 innings. The right-hander, who can become a free agent after the season if either he or the Royals decline his 2017 option, was a potential trade candidate recently mentioned by Jon Heyman of Today’s Knuckleball.
Usually, a pitcher blowing two saves isn’t noteworthy, even if it’s on back-to-back days. But Mets closer Jeurys Familia had successfully saved 52 consecutive games before the Cardinals put an end to that on Wednesday night.
The Mets opened up a four-game home series against the Rockies on Thursday afternoon. Because Familia had appeared in consecutive games, manager Terry Collins told the media, including MLB.com’s Anthony DiComo, after last night’s game that the right-hander would get a day off and Addison Reed would serve as the fill-in closer.
The Mets rode a 1-0 lead through eight innings and wouldn’t you know it, Familia took the hill to start the ninth inning. Things quickly got out of hand. Trevor Story led the inning off with a single, then stole second base. David Dahl drew a walk, and Daniel Descalso followed up by loading the bases with a bunt single thanks in large part to a mental error by catcher Rene Rivera.
Familia then got Cristhian Adames on what could’ve been a game-ending 1-6-3 double play. But first baseman James Loney booted the ball, allowing a run to score and everyone else to advance safely. Even if Loney got the ball, though, Familia wasn’t anywhere close to first base to cover on a double play attempt. Charlie Blackmon stepped to the plate and Familia uncorked a wild pitch on a 1-1 fastball, allowing the go-ahead run to score.
Collins ordered Familia to load the bases by intentionally walking Blackmon, then brought in Hansel Robles, who escaped the inning without any further damage by striking out D.J. LeMahieu and getting Nolan Arenado to pop up. The Mets were unable to get any offense going against Rockies closer Carlos Estevez, who set the side down in 1-2-3 fashion to lock up the 2-1 victory.
After Thursday’s outing, Familia is now 36-for-38 in save situations on the season with a 3.14 ERA and a 49/22 K/BB ratio in 48 2/3 innings.