“Mets win one!” is the cheeky headline from the WSJ on news that court filings show that team owner Fred Wilpon actually was one of the Madoff winners.
Initial reports indicated that Wilpons’s fortune may have been nearly completely wiped out in the Ponzi scheme, but if anything, it may be that he has to worry about clawbacks.
The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend.
The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr. Madoff — and withdrew about $571 million. Read the whole thing >
Much to the chagrin of many Madoff victims, this definition of winner (more out than in), makes him ineligible to receive any kind of compensation, even though the paper loss (from what he though he had) was probably still quite significant.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.