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.

David Price exits start with flu-like symptoms

David Price
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Red Sox southpaw David Price was lifted in the first inning of Saturday’s game against the Astros. While there was some initial concern that he might have trigged the elbow tendinitis that has been affecting him lately, manager Alex Cora was quick to clarify the situation as the result of “flu-like symptoms.”

Price pitched just 2/3 of an inning, inducing a first-pitch fly out from Aledmys Díaz, striking out Alex Bregman, and allowing a single to Michael Brantley before making his departure from the mound. He was replaced by rookie right-hander Colten Brewer.

Barring further complications, Price will likely stay on track to make his next scheduled start during the Red Sox’ upcoming road trip. Entering Saturday’s match-up, the 33-year-old lefty carried a 2-2 record in seven starts with a 3.29 ERA, 2.2 BB/9, and 10.1 SO/9 across 41 innings in 2019.

Following Price’s removal, the Red Sox are still tied 0-0 with the Astros in the fifth.