Mets Made $48M on Madoff Scam, Lawyer Says

By Nicole Bode on October 21, 2009 6:25pm | Updated on October 21, 2009 6:28pm

Mets owner Fred Wilpon chews on his glasses during a press conference in 2003.
Mets owner Fred Wilpon chews on his glasses during a press conference in 2003.
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AP Photo/Osamu Honda

By Nicole Bode

DNAinfo Associate Editor

MANHATTAN — The New York Mets made a $48 million profit on the Bernard Madoff ponzi scheme, which could open them up to a lawsuit by Madoff victims, according to published reports.

Court-appointed trustee Irving Picard, who is responsible for distributing Madoff's remaining assets, wrote in bakruptcy filings that Mets owner Frank Wilpon earned more than he lost from the convicted scammer.

Wilpon could place a lawsuit like the ones Picard filed against others who made a "fake profit" in the fraud, Bloomberg.com reports.

The Mets Limited Partnership invested $523 million, and withdrew $571 million, the court papers claim. Picard did not say when the investments or the withdrawl took place.

Mets company Stirling Equities filed a claim for reimbursement in bankruptcy court, claiming they lost close to $830,000 that was invested with Madoff when he was arrested. That claim was denied.

A Mets official told the Associated Press Wednesday the profits have had "no effect" on the team's budget.

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