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NY Mets owners made about $48 million in Madoff dealings
October 21, 2009 / 4:59 AM / 8 years ago

NY Mets owners made about $48 million in Madoff dealings

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

<p>New York Mets starting pitcher Livan Hernandez follows through on a pitch in the ninth inning as he pitched the first complete game at CitiField and beat the Washington Nationals in their MLB National League baseball game in New York May 26, 2009. REUTERS/Ray Stubblebine</p>

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 reiterated in a statement that the investments with Madoff have “no effect on the operations of the New York Mets.”

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.

Wilpon bought a stake in the Mets in 1980, raised his share to 50 percent six years later, and purchased the rest with his family and others in 2002.

The case is In re Securities Investor Protection Corp. vs. Bernard L. Madoff Investment Securities LLC, U.S. Bankruptcy Court, Southern District of New York, No. 08-01789.

Reporting by Ajay Kamalakaran in Bangalore and Ben Klayman in Chicago; Editing by Valerie Lee, Dave Zimmerman

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