Together with Saul Katz, Wilpon established the company back in 1972. Since the 80's, SE owns New York Mets, where Wilpon is a majority shareholder and Chairman. While his son, Jeff, serves as the COO of the Mets and Executive Vice President of Sterling. A graduate of the University of Michigan, Wilpon has acquired extensive experience in all aspects of the real estate industry, and among other things he served as the Senior Executive of many diversified businesses. He has become the subject of controversy for his investments with Bernie Madoff in 2008, when Madoff was convicted for running a Ponzi scheme. Reportedly, Wilpon lost $700 million because of Madoff, which triggered speculation that he may be forced to sell the team. Eventually, Mr. Wilpon agreed to pay $162 million to the trust for Madoff's victims. Thus, the Mets were in financial setbacks in recent years, not having enough money to sign big league players. Fred Wilpon allegedly lost as much as $700 million in the Bernie Madoff ponzi scheme fraud.
