NEW YORK -- New York Mets minority owner Steven A. Cohen has been charged by the Securities and Exchange Commission with failing to supervise employees and prevent them from insider trading.
Cohen owns a 4 percent share of the Mets, for which he paid $20 million. The Mets and MLB did not have a comment regarding how these charges could affect Cohen's part-ownership with the team.
Cohen, 57, became a minority owner in 2012 after the Mets began selling shares of the team in the aftermath of the Bernie Madoff fiasco. The Mets sold 12 minority shares for a total of $240 million.
The Mets' majority owners, Fred Wilpon and Saul Katz, reached a settlement in March 2012 to pay $162 million to victims of the Madoff Ponzi scheme. That total has dropped to $86 million.
The Mets have faced financial issues lately. The team lost approximately $50 million in 2010 and roughly $60 million in 2011, according to GM Sandy Alderson. The New York Post reported that they were expected to lose $23 million last year.
As the funds have decreased, the Mets have not been active in free agency over the past few years and the team has struggled. The Mets, however, are planning on being players in free agency this upcoming winter and aim to add a marquee player, if possible.
Cohen also tried to purchase the Dodgers in 2012, but he lost out to Magic Johnson and the Guggenheim Baseball Management group.