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article imageJeffry Picower, Madoff's Biggest Beneficiary Found Dead in Pool

By Leo Reyes     Oct 26, 2009 in Crime
Bernard Madoff's friend, Jeffry Picower, reportedly his biggest fraud beneficiary, was found dead inside his house by his wife and a housekeeper. Picower was listed in the Forbes top 400 billionaires in America. He reportedly suffered a heart attack.
Jeffry Picower, reportedly Bernard Madoff's biggest fraud beneficiary was found dead inside his home in Palm Beach. Picower was pulled out from the bottom of the pool by his wife and a housekeeper. The Palm beach billionaire was later pronounced dead after some attempts at reviving him according to reports.
Abs-Cbn News reports:
Picower and his wife, Barbara, were friends of Wall Street financier Madoff, who is serving a 150-year sentence after pleading guilty to running a $65 billion Ponzi scheme.
"Based upon the trustee's investigation to date, Picower was the biggest beneficiary of Madoff's scheme, having withdrawn either directly or through the entities he controlled more than $7.2 billion of other investors' money." said Irving Picard, a trustee handling the Madoff fraud case.
The Palm Beach billionaire who was reported to be the biggest beneficiary of Madoff's fraud is listed as one ot the wealthiest businessmen in America. He is included in the top 400 of the Forbes list of billionaires with an estimated wealth of $1 billion.
Picower who is a lawyer started out as an accountant and had invested and made money in the medical sector.His wife is a philanthropist and headed the Picower Foundation
It was reported earlier that the Picowers have initiated discussions that could lead to settlement with the trustee but the lawyers of the Picowers have rejected Picard's accusations against their client as 'false and outrageous claims'.
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