We've Got a Floater, Officer Madoff: Billionaire Madoff Investor Found Dead
Paging WC Varones! We might have another Greenspan murder on our hands over here. Had AG's sweet little housing bubble never imploded, maybe Madoff could have kept this up forever! wooooo!!
Anyway, he got busted and now the bodies are hitting the floor.
Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said. He was 67.
Picower's wife discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m.
Palm Beach police are investigating the death, as is standard for any drowning, the department said in a statement. Detectives were still at the home more than five hours after the 911 call.
Picower's body showed no visible injuries, said Joseph Sekula, spokesman for the Palm Beach Fire Department
''There wasn't anything noted as far as trauma or anything to the body,'' he said.
Picower had been accused by jilted investors of being the biggest beneficiary of Madoff's schemes.
In a lawsuit to recover Madoff's assets, trustee Irving Picard demanded Picower return more than $7 billion in bogus profits.
Reports in June stated that Picower might be required to return $5 billion in made-up Madoff profits, perhaps it is the fact that this number was revised to $7.2 billion earlier this month that really got to the guy, who can say?
WSJ (August 20090:
Jeffry and Barbara Picower, alleged to have made $5.1 billion from investing with Bernard Madoff, said they "are honorable people who were deceived" in response to a lawsuit filed by a court-appointed trustee that said evidence suggested "complicity" in the fraud.
William Zabel, an attorney for the Picowers, said in a statement Friday that the trustee's allegation about complicity "is without any foundation," adding that the suit was "riddled with significant factual errors," such as the claim that the Picowers earned returns of more than 950% a year in one instance. The Madoff fraud, he said, forced the Picowers to close their charitable foundation.
Irving Picard, the court-appointed trustee of Mr. Madoff's investment firm who is recovering Madoff assets for victims of the fraud, said in his May lawsuit that the Picowers had two dozen accounts with Bernard L. Madoff Investment Securities LLC and received annual returns of more than 100% in 14 instances. Mr. Picard didn't respond to a request for comment Friday.
Mr. Picard's suit alleges that in several instances Jeffry Picower or an associate of his directed the Madoff firm to credit certain gains to his accounts, including gains that would be applied to prior months and years. By asking to "backdate" gains more than a year in the past, the lawsuit said, Mr. Picower and others at his firm "knew or should have known that they were participating in fraudulent activity."
A 68-page brief filed on behalf of the Picowers on Friday goes into detail in seeking to dismiss the lawsuit filed in bankruptcy court in Manhattan. The Picowers "were not perpetuating Madoff's Ponzi scheme by withdrawing billions of dollars from their [Madoff] accounts," the brief said. "If anything, such large withdrawals would have placed an extraordinary strain on the scheme, forcing Madoff to raise billions of dollars elsewhere on short notice. There is no rational reason why Madoff would have compensated Mr. Picower for making his scheme more difficult."
The brief also said Mr. Picower began investing with Mr. Madoff in the 1970s and that he learned about the fraud only after Mr. Madoff was arrested last year.
Does Madoff get a day pass to attend the funeral?
Sad. Sad, sad, sad.