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As a member of American Ballet Theater, he is a reliable leading man and a sterling partner.
But Mr. Wilpon and Mr. Katz argue in their filing that "Sterling Stamos never suggested to any Sterling partner that" Mr. Madoff "was engaging in fraudulent activity".
Instead, it would be filtered through the Sterling partner and the Mets board member Arthur Friedman, a certified public accountant with a law degree who served as the liaison to Mr. Madoff's operation.
Another person who with his wife had several Madoff accounts through Sterling said the original offer to invest was made to them by a Sterling partner in a straightforward manner: "This is a really good investment that we are in, and, if you would like, I can get you in".
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"The Sterling partners are not your average investors," Picard's lawsuit asserts.
He also administered 305 other Madoff accounts set up by Sterling partners for themselves, their families, trusts and Sterling-related entities.
"The Sterling partners were simply in too deep — having substantially supported their businesses with Madoff money — to do anything but ignore the gathering clouds," the suit said.
"Yet the Sterling partners had over $500 million in their Madoff accounts at the time of his failure — some put in only days before — and all of it lost".
The rules, at Mr. Madoff's request, were clearly stated in advance by the Sterling partners to investors invited into the club.
According to Picard, Wilpon and his partners "made so much easy money from Madoff for so long that despite the many objective indicia of fraud before them, the Sterling partners simply chose to look the other way".
(Chinen) Patrick Cornelius Quintet (Wednesday) A bright young alto saxophonist working in the postbop mainstream, Patrick Cornelius has a new album, "Maybe Steps" (Posi-Tone), that features two of the sterling partners found here: the guitarist Miles Okazaki and the bassist Peter Slavov.
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CEO of Professional Science Editing for Scientists @ prosciediting.com