Major League Baseball

Trustee: NY Mets turn loss to a win with Madoff

Published Oct. 21, 2009 6:35 p.m. ET

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The trustee overseeing jailed financier Bernard Madoff's assets has labeled the New York Mets winners in the epic fraud. He says the baseball team made nearly $48 million in the Ponzi scheme. Court-appointed trustee Irving Picard has labeled investors who withdrew more money from Madoff than they invested as net winners. That depiction has been vigorously contested by many investors. The Mets said on Wednesday the profits have had "no effect" on the team's operations. Picard said in a bankruptcy filing Tuesday that the Mets Limited Partnership profited from an original investment of about $523 million. A total of about $571 million was withdrawn from the accounts. The court filings did not say how long ago the investments were made by the Mets' owner, Sterling Equities Inc.

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