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Teufel entangled in Madoff mess

metirish Feb 18 2011 08:17 PM

I'm thinking it's guys like Teufel that will go broke over this. Former New York Mets infielder Tim Teufel, currently the organization's Triple-A manager, has gotten entangled in the Bernard Madoff mess. Teufel, a Mets employee who invested with Madoff because of his association with the Wilpon family, which owns the team, is being sued by trustee Irving Picard in the same U.S. Bankruptcy Court where Mets ownership faces a $1 billion lawsuit for allegedly profiting from the Ponzi scheme, according to court records. The trustee seeks to recover $1,232,463 in "fictitious profits" -- money allegedly withdrawn over principal invested -- from Teufel for two accounts owned by his family. Unlike the lawsuit against Mets principal owner Fred Wilpon, chief operating officer Jeff Wilpon and team president Saul Katz, the suit against Teufel merely attempts to recover money alleged to have been withdrawn over principal. It does not claim Teufel knew, or should have known, about the fraud. On Feb. 19, 2010, the Teufel family had been denied a claim made with Picard for losses they alleged to have suffered in the Ponzi scheme when Madoff was arrested. Teufel did not immediately respond to a text message seeking comment. Fred Wilpon arrived at Mets camp Thursday morning and strongly said his family will be "vindicated" in the $1 billion lawsuit. "We did not know one iota, one thing about Madoff's fraud," he said. "We didn't do anything wrong. If anything, we trusted a friend for a very long time. And as I told you a few months ago, that betrayal is very difficult for me because this was a man, who, we were friends for 35 years and investors for 25 years. "Having said that, we will be vindicated. What you have been writing about are allegations. They are allegations made by the trustee. Allegations are not fact. We have to now come back and tell you what our facts are, based upon facts and based upon the law. And our lawyers are doing that and they will do that. And we will be vindicated. I can't give you the timetable. That depends on issues beyond our control. "I cannot tell you how difficult and painful the attacks have been on my family -- Saul, Jeff, myself, my grandchildren. The one thing no one ever, ever in 50 years in business questioned was my integrity." Newsday first reported the suit against Teufel. Adam Rubin covers the Mets for ESPNNewYork.com. Follow Adam Rubin on Twitter: @AdamRubinESPN

Ashie62 Feb 19 2011 12:35 PM Re: Teufel entangled in Madoff mess

Here is CBS's article on Teufel. It looks like Teufel will get to keep the principal he invested and return the gain of 1.2 million at most. Somehow it doesn't seem fair, to anyone. [url]http://newyork.cbslocal.com/2011/02/19/former-met-tim-teufel-dragged-into-madoff-mess/

duan Feb 21 2011 05:32 AM Re: Teufel entangled in Madoff mess

"Teufel did not immediately respond to a text message seeking comment." Does Rubin writing this not seem wrong to anyone else?

Edgy DC Feb 21 2011 05:38 AM Re: Teufel entangled in Madoff mess

Stop stonewalling, u crook, n ans yr txtz!

metirish Feb 21 2011 05:44 AM Re: Teufel entangled in Madoff mess

duan wrote: "Teufel did not immediately respond to a text message seeking comment." Does Rubin writing this not seem wrong to anyone else? not really , what are you thinking?, that he texted him or that Timmy has a smart phone , or that Rubin has one and knows how to use it , or????

duan Feb 21 2011 05:53 AM Re: Teufel entangled in Madoff mess

I don't know, I just object to the basic accusatory tone of it and that someone might not want to reply to something in a couple of hundred characters. By all means try and make contact that way, but if someone doesn't respond don't act like its the same as a politician refusing to comment at a press conference. It's not necessarily Rubin's fault, but more driven by the constant lust for instant comment etc that twitter has forced the media into.

metirish Feb 21 2011 06:00 AM Re: Teufel entangled in Madoff mess

duan wrote: I don't know, I just object to the basic accusatory tone of it and that someone might not want to reply to something in a couple of hundred characters. By all means try and make contact that way, but if someone doesn't respond don't act like its the same as a politician refusing to comment at a press conference. It's not necessarily Rubin's fault, but more driven by the constant lust for instant comment etc that twitter has forced the media into. yeah I guess , like you said it's a big deal and your texting the guy.

Edgy DC Feb 21 2011 06:07 AM Re: Teufel entangled in Madoff mess

I wonder if Rubin texted "Answer me, bitch!" one last time before publishing the article.

Frayed Knot Feb 21 2011 06:58 AM Re: Teufel entangled in Madoff mess

Even one of the nightly news programs (forget which one) picked up on this story, although the weekend-subbing bubble-headed bleach-blond didn't help her credibility much by pronouncing his name: TOO-full