The Wilpons are no strangers to Ponzi schemes

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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.

Report: Angels to acquire Ian Kinsler from the Tigers

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Update (7:51 PM ET): ESPN’s Buster Olney says the deal isn’t final yet. Rosenthal says that any delay on this trade is due to Kinsler’s no-trade clause, but he still expects the deal to happen.

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Ken Rosenthal of The Athletic reports that the Angels will acquire second baseman Ian Kinsler from the Tigers. It is not known yet what the Tigers will receive in return. Kinsler had to waive his no-trade clause in order for the deal to happen.

Kinsler, 35, hit .236/.313/.412 with 22 home runs, 52 RBI, 90 runs scored, and 14 stolen bases in 613 plate appearances for the Tigers this past season. He’s in the final year of his contract and will earn $10 million for the 2018 season.

The Angels were certainly looking to upgrade at second base and did so with Kinsler. They were also reportedly interested in Cesar Hernandez of the Phillies.