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 Show me the money. That's what the man tasked with recovering convicted Ponzi schemer Bernard Madoff's assets wants a Florida investor to do.Irving Picard wants Madoff investor Jeffrey Picower to return the $7.2 billion in profits he earned from his Madoff account over 30 years. Picower was the biggest beneficiary of Madoff's $65 billion scam, Picard said in court papers filed on Thursday. Along with his wife and their associates, Picower should have known the returns they got from Madoff -- some as high as 950% -- were ill-gotten, Picard contends. Picower received more than $2.4 billion during the past six years alone, and his accounts "were riddled with blatant and obvious fraud," Picard wrote. The investor, who is newly listed as one of the 400 wealthiest Americans by Forbes magazine, says the numbers are wrong and that he's a victim just like many other Madoff investors, not a beneficiary. He has filed papers to dismiss the suit. "Given that Picower withdrew more of other investors' money than any other customer," his "repeated references to himself as a 'victim' ring hollow," Picard said in the filing. This latest filing, which increased the estimate of Picower's profits from $5 billion to $7.2 billion, says he opened an account with Madoff on April 18, 2006, by wiring a check for $125 million, more than a quarter of the entire sum he invested with Madoff over time. "Within two weeks, the $125 million deposit had purportedly grown to $164 million because of a dramatic 'gain' on the securities held in the account -- all of which supposedly had been purchased three months earlier," the new filing reported. Five months later, Picower withdrew his original $125 million, leaving $81 million in the account. "There is no legitimate explanation for these events nor any possibility that they escaped Picower's notice," the trustee's new filing asserted in the filing on Thursday. - Donna Block See Forbes list
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