Wilpon-bilker Bernie Madoff wasn’t the only fraudster with baseball connections. This year’s other high profile Ponzi artist — Allen Stanford — had multiple baseball players as clients, all of whom had a portion of their assets frozen as the case against the Texas investor started to break last February.
Eventually the funds became unfrozen and the ballplayers — including Johnny Damon, Greg Maddux, Carlos Pena, Mike Pelfrey and Xavier Nady — withdrew their cash. As a result, all of them were facing lawsuits from the government seeking to grab back money on the basis that it should rightly go to other ripped-off investors. But now they’re in the clear, as a U.S. appeals court ruled yesterday that such lawsuits — known as clawbacks — can’t go forward.
Whether Johnny Damon’s new found liquidity will cause him to lower his contract demands remains to be seen.
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- Old Gator - Nov 17, 2009 at 11:07 AM
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Ah, surely it’s a great day in America when someone will not be sued….
And here I always thought that “clawbacks” were the ones you wanted to luck into on a bind date.
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- EvilEmpirE2009 - Nov 17, 2009 at 11:27 AM
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I was worried for them and their million’s, I’m so glad I will finally sleep tonight, after many sleepless night’s.
