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12-12-2008, 11:53 PM

Mets owner Fred Wilpon may have been big loser in Bernard Madoff's $50 billion ponzi scheme

Friday, December 12th 2008, 4:55 PM
http://assets.nydailynews.com/img/2008/12/13/amd_fred_wilpon.jpg Torrie/News Mets owner Fred Wilpon may be among those duped by Wall Street wheeler-dealer Bernard Madoff (below).

http://assets.nydailynews.com/img/2008/12/13/amd_bernard_madoff.jpg Hedge-fund manager Madoff has been charged with running a $50 billion ponzi scheme, perhaps the biggest fraud scheme of all time.

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The company that owns the Mets (http://www.nydailynews.com/topics/New+York+Mets) was one of a handful of ultra-wealthy investors prosecutors say were duped by Wall Street (http://www.nydailynews.com/topics/Wall+Street) wheeler-dealer Bernard Madoff (http://www.nydailynews.com/topics/Bernard+Madoff).
Sterling Equities (http://www.nydailynews.com/topics/Sterling+Equities+Inc.), which owns the Mets, the Brooklyn Cyclones (http://www.nydailynews.com/topics/Brooklyn+Cyclones) and major real estate developments in New York and Florida (http://www.nydailynews.com/topics/Florida), confirmed it had invested money with Madoff.
The company would not say how much it had invested, how much might have been lost or how if it would affect the Mets.
"Among our various investments, we have accounts managed by Madoff Securities (http://www.nydailynews.com/topics/Madoff+Securities)," the company said in a statement. "We are shocked by recent events and, like all investors, will continue to monitor the situation."
CNBC (http://www.nydailynews.com/topics/CNBC+Inc.) is reporting that Mets owner Fred Wilpon (http://www.nydailynews.com/topics/Fred+Wilpon) and partner Saul Katz (http://www.nydailynews.com/topics/Saul+Katz), though their investment entity Sterling Stamos (http://www.nydailynews.com/topics/Sterling+Stamos), could have lost as much as $300 million.
Madoff was charged Thursday in what authorities call one of the biggest Wall Street frauds ever with losses of up to $50 billion.
He is accused of duping his wealthy clients with a long-running Ponzi scheme, paying off some investors with the equity of other investors.

12-13-2008, 12:23 AM