Man Who Donated $1.7 Million to Yale Baseball Program Charged With Fraud – John D. Mazzuto

Mug Shot of John David Mazzuto

Dear Yale:

Enclosed is a check for $1.7 million which I would like you to put toward improving the school’s baseball program which I played on more than 40 years ago. Just make sure you don’t cash it until I have time to get to the bank and make a deposit.

You’re Welcome
Big Time Fraudster

The news release called John D. Mazzuto one of the “greatest supporters” of the Yale University baseball team. Mr. Mazzuto, a 1970

Yale graduate who played shortstop for the team, had donated to the baseball program about $1.5 million worth of shares in a company he owned. The university rewarded him by naming a new practice facility after him and his wife — the John and

Theresa Mazzuto Field — and by adding his family name to the baseball coach’s official title: the Mazzuto Family Head Coach of Baseball.

“John has bestowed upon Yale baseball an incredible gift,” John Stuper, the baseball coach at Yale, said in the release, dated April 17, 2009. “His support of our program has been absolutely phenomenal.” Manhattan prosecutors said Tuesday that Mr. Mazzuto’s support of his alma mater was illegal. Mr. Mazzuto, 61, was indicted on charges of fraudulently inflating the value of a company he owned to mislead investors into buying worthless shares. He gave shares of the company, Industrial Enterprises of America, to family and friends and to companies he controlled, and they sold them on the open market, giving some of the profits to Industrial Enterprises, prosecutors said.

Source – NY Times