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Will Madoff Scandal Hurt The New York Mets?

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The real estate investment firm Sterling Equities, co-founded by New York Mets owners Fred Wilpon and Saul Katz, had money invested with Bernard Madoff’s firm, CNBC has confirmed.

“Among our various investments, we have accounts managed by Madoff Securities,” the company said, in a statement. “We are shocked by recent events and, like all investors, will continue to monitor the situation.”

Madoff had $17 billion in his investment advisory firm last month, but the 70-year-old former NASDAQ chairman told his employees earlier this week that he had actually lost $50 billion in what he said was a ponzi scheme. Madoff told authorities that he “paid investors with money that wasn’t there.”

It’s believed Madoff and the Mets owners have been connected for at least 20 years. Records show that Madoff first rented space at 885 Third Avenue in Manhattan, also known as “The Lipstick Building,” in 1989. While Sterling Equities has since sold its stake of the building, Madoff Investment Securities was still based there.

The question now is how much money was invested? If we’re talking hundreds of millions of dollars, which is not out of the question, you’d have to think it could affect the Mets ability to further itself this off-season beyond the pitching moves they’ve already made.

Update: CNBC's David Faber is now reporting that Wilpon and Katz, though their investment entity Sterling Equities, could have lost as much as $300 million with Madoff.

New York Mets: No Affect From Madoff Scanda

Earlier today, we reported that Sterling Equities, which was founded and is managed by New York Mets owners Fred Wilpon and Saul Katz, lost money in Bernard Madoff's ponzi scheme.

While the amount of money isn't known, it has certainly created some buzz over whether this will affect the Mets ability to complete their roster this offseason.

The Mets just released this statement: "This news does not affect the day-to-day operations and long-term plans of the Mets organization and the Citi Field project."

Now we just have to sit back and watch and speculate and see if they still go after scoring a decent pitcher or a leftfielder.

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The photo isn't online nut in today's Post, Madoff is shown returning to his home in a chaffuer-driven limo.

Why is this thieving bastard not in an orange jumpsuit and in a prison cell? SImply disgraceful.

If you invest, beware of Ponzi scumbags like this. Some warning signs, all of which were evident here-

-brokers insisting they cannot give internet account access and insisting on only paper statements;

-unrealisitically good returns;

-adamant refusal to disclose investments and holdings coupled with a pretense that only the firm can know or understand their investment strategy;

-being sercretive about investment holdings while being garrlous and generous publically;

-making it impossible to withdraw or close out accounts(typically Ponzi scams need to

get more assets from new marks to pay off such investors);

-having the front man making a point of having lots of personal contact with clients, but not saying anything more than telling everyone how well things are going. In a case like this in Boston, the frontman made a point of charitable contributons to local colleges and charities. Which I'm sure similarly this POS will soon claim he donated so much to such organizations, so he's really a good guy.

If anyone tells you have the market figured out and promise a constant upward graph of growth, run, don't walk, away. Obviously this scumbag fed on the greed of the Wilpons and others.

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