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Mets Won Big On Madoff Investments

The New York Mets didn’t win much on the baseball field this year. But despite reports that the team and its owner lost more than half a billion dollars in the Bernard Madoff Ponzi scheme, the team itself may have made money on the scam.

Mets LP reportedly withdrew $47.8 million more than it invested from its two accounts at Bernard L. Madoff Investment Securities during an unspecified period, the court-appointed trustee in the case said in court documents. While the Amazins invested $522.7 million with Madoff, the team withdrew $570.5 million.

Irving Picard, the trustee, may sue the team to recover the money on behalf of Madoff’s victims. Picard has filed suits seeking billions of dollars from many Madoff clients that he says profited from the Ponzi scheme.

The Mets had just $829,230 left in its Madoff accounts when Madoff was arrested in December. Picard denied Mets LP’s claims for that money last week.

The Mets have consistently said that the losses of the owning Wilpon family in the Madoff debacle would not affect the Mets, despite reports that the losses could force them to sell the team. Likewise, the team said the reported Madoff profits have had “no effect” on Mets operations.

The Wilpons have long been close with Madoff. The Ponzi schemer owned season tickets behind the plate for the Mets, and Jeff Wilpon, the Mets chief operating officer and son of principal owner Fred Wilpon, is very close to Madoff’s son, Mark.


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