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Mets made $48M from Madoff

Posted by GameSetMatch on October 22nd, 2009

The owners of the New York Mets baseball team made about $48 million in dealings with swindler Bernard Madoff, court documents showed.

The Mets Limited Partnership, which is connected to the Wilpon family, led by Mets owner Fred Wilpon, deposited $522.8 million in two accounts with Madoff and withdrew $570.6 million, according to a Monday filing by court-appointed trustee Irving Picard.

The Mets could not be reached immediately for comment by Reuters.

Earlier this year, Erin Arvedlund, author of “Too Good to Be True,” a book on Madoff, said the Wilpon family would be forced to sell the Mets due to huge losses suffered in the Madoff swindle.

The Mets had said Arvedlund has no knowledge of the team or its finances and repeated previous statements that the team was not for sale.

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2 Responses to “Mets made $48M from Madoff”

  1. GameSetMatch Says:

    I find this hilarious and funny how so many people were saying the mets are in trouble, oh they gotta sell the team, they lose money, when secretly they were the ones taking from Madoff alledgly. I don’t know what agreement they had with Madoff but the Mets came out with more than they invested.

  2. sportsfan1 Says:

    From this article, I understand now that they are just holding their breath hoping the court doesnt take their money away from them.. Its not that they lost money, its that they could eventually lose money.. Wow.. !! They are hoping the judge is a Mets fan.

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