Mets Made $48M on Madoff Scam, Lawyer Says
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.
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.