Fund Controlled by Mets Owner Says It Did Lose Money To Madoff

ponzi sterling equities fred wilpon

The argument over what “lost money” really means continues.

Met’s principal owner Fred Wilpon’s investment firm said it lost money to Bernie Madoff’s Ponzi scheme.

Sterling Equities’ latest court filing says losses should be based on the amount of money left in the account on November 30 and that Madoff trustee Irving Picard has no right to recover money from those who withdrew funds before the scheme collapsed, DealBook reports.  

This represents a central issue of contention between some Madoff investors and the trustee; Picard asserts that no investor that made more money than they took out over their accounts should be allowed to recover money.  

The Sterling brief is filed on its own behalf, as well as on behalf of Wilpon, other team investors and Mets LP.

The Madoff Trustee says Mets LP withdrew nearly $50 million more from Madoff’s company than it put in.

Read the entire DealBook article here.  

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