Florida investor and philanthropist Jeffry Picower, alleged to have extracted billions dollars in his long time friend Bernard Madoff's Ponzi scheme, was found dead Sunday at the bottom of his swimming pool, according to local reports. Palm Beach authorities say Picower died of a massive heart attack. The former New York lawyer and accountant had been a friend of Madoff for decades.
No one benefited more from the Madoff scheme than Picower, according to Irving Picard, the trustee in charge of recovering money for Madoff's victims.
A suit filed in June said Picower withdrew $7 billion more than he had invested with the convicted con artist. The withdrawals were made over 20 years and reportedly far exceeded profits anyone else -- including Madoff -- made from the scam. Picower regularly enjoyed annual returns of 100% on investments. Some years they went to 550%. In 1999, one account grew by 950%.
According to the
AP Jerry Reisman, an attorney representing about 26 Madoff victims, said Picower's death will make it more difficult for the trustee to recoup some of the money.
Picower and his wife started the Picower Foundation in 1989, which has given millions to the Massachusetts Institute of Technology, Human Rights First and the New York Public Library. It also funded diabetes research at Harvard Medical School.
The foundation, whose assets were managed by Madoff, said after the scandal broke in December, it would have to cease grant-making and would be forced to close. -
Donna Block
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Why did I immediately think of the closing scene from Wag the Dog when I read this headline?