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Saul B. Katz
Born1939 (age 84–85)
Brooklyn, New York City, U.S.
EducationB.A. Brooklyn College
OccupationReal estate developer
Known forCo-founder of Sterling Equities
Former President of the New York Mets
SpouseIris Wilpon
ChildrenHeather Katz Knopf
Natalie Katz O’Brien
David M. Katz
FamilyFred Wilpon (brother-in-law)

Saul Katz (born 1939) is a real estate developer, former president of the New York Mets and accused Bernie Madoff co-conspirator.

Biography

Katz was born to a Jewish family[1][2][3] in Brooklyn.[4] He graduated from Brooklyn College in 1960[5] with a degree in accounting.[6]

Sterling Equities

Katz is a co-founder of Sterling Equities. In 1972, he cofounded Sterling Equities, a commercial real estate development company, with his brother-in-law Fred Wilpon.[7] They built a development of townhouses in Tarrytown, a suburb in Westchester County which was very successful.[8] Seeking to minimize their tax obligations, they purchased real estate throughout the country that had favorable tax treatment[8] which turned out to be a boon since they were unknowingly buying property at the bottom of the market.[8]

New York Mets

Saul Katz first bought an ownership stake in the New York Mets in 1980. In addition, he serves as the President of the Brooklyn Cyclones, a Mets minor league affiliate.[9] In 2014, Katz was rumored to be interested in selling his ownership stake in the Mets.[10] In 2020, a deal to sell the team to hedge fund billionaire Steve Cohen fell through over issues of team control. A similar deal with David Einhorn fell through in 2011.[11] In February 2020, it was reported that Katz and his partners were willing to sell the team without maintaining control. The price may exceed the record of $2.6 billion offered by Cohen. [12]In August, Cohen again entered into exclusive negotiations to buy the Mets. In September a deal was reached for Cohen to purchase 95% of the franchise from Katz and the Wilpons for approximately $2.4 billion and on October 30, he was approved by MLB's owners.

Madoff Ponzi Scheme

Saul Katz, Fred Wilpon, and Jeff Wilpon were portrayed as co-conspirators in the Bernie Madoff Ponzi scheme.[13] Sterling Equities and individuals affiliated with Katz and Wilpon received $300 million in respect of investments in the Bernard Madoff Ponzi scheme.[14] Lawyers for the Madoff Trustee cited evidence that Sterling partners shopped for fraud insurance as evidence they were "well aware" that Madoff was carrying out a Ponzi scheme.[15] Wilpon and Katz "categorically reject[ed]" the charge that they "ignored warning signs" about Madoff's fraud.[16] Irving H. Picard, the Madoff Trustee, has alleged that Katz's relationship with Mr. Madoff was extensive and longstanding and that they continued even after suspicions were raised.[17] Picard sued Katz, his partner Fred Wilpon, and Sterling Equities for 1 billion in illegal profits from the scheme.[18] In 2012, Saul Katz, Gregory Katz, Fred Wilpon, Jeff Wilpon and other Sterling Equities partners settled with Picard for $162 million.[19][20]

Bayou Hedge Fund Group Ponzi Scheme

Saul Katz and his partner and brother-in-law Fred Wilpon were involved in another Ponzi scheme which was orchestrated by Samuel Israel III and they were forced to pay $13 million to investors when Israel's hedge fund collapsed.[21] Through their partnership with Peter Stamos, Sterling Stamos, Wilpon and Katz were accused of withdrawing nearly all of their $30 million investment from the fund immediately before it collapsed. They settled in 2009 for $12.9 million dollars.[22]

Personal life

Katz is married to Iris Katz, sister of the Mets managing partner Fred Wilpon.[8] They have three children: Heather Katz Knopf, Natalie Katz O’Brien,[4] and David M. Katz.[23] The Katzes live in Glen Cove, New York and have a winter home in Boca Raton, Florida.[8]

References

  1. ^ Record Pilot: "Chabad Bids Shalom...Festival of Lights Illuminates Village Square By Carla Santella Archived 2015-09-23 at the Wayback Machine December 14, 2007
  2. ^ Jewish Foundation for the Righteous: "On Monday, December 1, 2014, the JFR will honor Iris and Saul Katz with the Foundation’s Recognition of Goodness award" retrieved October 24, 2014
  3. ^ New York Times: "Paid Notice: Deaths KATZ, ROSE" September 23, 2003
  4. ^ a b New York Post: "Mets’ owners’ kin made millions from Madoff: suit" By Kathianne Boniello February 6, 2011
  5. ^ Brooklyn College Foundation Board of Trustees retrieved October 24, 2014
  6. ^ "Saul B. Katz | TRD Research". therealdeal.com. Retrieved 2020-02-15.
  7. ^ Sports Illustrated: "Pays The Price" by Tom Verducci May 30, 2011
  8. ^ a b c d e The New Yorker: "Madoff’s Curveball - will Fred Wilpon be forced to sell the Mets?" by Jeffrey Toobin May 30, 2011
  9. ^ "Archived copy". Archived from the original on 2011-09-18. Retrieved 2012-01-11.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ "Report: Katz wants to sell stake in Mets". SNY. Retrieved 2020-02-15.
  11. ^ Newman, Kyle (2020-02-07). "Steve Cohen's Bid To Buy The New York Mets Is Dead; What's Next?". Elite Sports NY. Retrieved 2020-02-15.
  12. ^ "NY Mets Said to Be for Sale With No Preconditions on Control". finance.yahoo.com. Retrieved 2020-02-27.
  13. ^ O'Keeffe, Teri Thompson, Nathaniel Vinton, Michael. "Mets owner Fred Wilpon 'distraught' over accusations he profited from Madoff's Ponzi scheme: sources". nydailynews.com. Retrieved 2020-02-15.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. ^ Belson, Ken; Sandomir, Richard (March 3, 2011). "Cuomo Has Held Talks With Both Sides in Mets Case". The New York Times. Retrieved March 4, 2011.
  15. ^ "Mets' owners shopped for fraud insurance: Madoff trustee". InvestmentNews. 2012-03-05. Retrieved 2020-02-27.
  16. ^ Madoff Trustee: Mets Owners Ignored Ponzi Warning Signs, Chad Bray, The Wall Street Journal, February 4, 2011, Retrieved February 4, 2011.
  17. ^ "Bernard L. Madoff: Master of the Ponzi Scheme" (PDF).{{cite web}}: CS1 maint: url-status (link)
  18. ^ December 4, Newsday Staff Updated; Pm, 2019 9:04. "Timeline of Wilpon family's ownership of Mets". Newsday. Retrieved 2020-02-15. {{cite web}}: |first2= has numeric name (help)CS1 maint: numeric names: authors list (link)
  19. ^ Vardi, Nathan. "Mets Owners Settle Madoff Claims For $162 Million". Forbes. Retrieved 2020-02-27.
  20. ^ "UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, v. SAUL B. KATZ, et aI" (PDF).{{cite web}}: CS1 maint: url-status (link)
  21. ^ Cowan, Alison Leigh (2011-01-30). "For Mets Owners, a Costly Precursor". The New York Times. ISSN 0362-4331. Retrieved 2020-02-27.
  22. ^ "Report: Wilpons invested in another Ponzi". ESPN.com. 2011-01-31. Retrieved 2020-02-27.
  23. ^ New York Times: "In Real Estate, New Faces, Old Names" By DAVID W. DUNLAP March 20, 1994
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