Jeffrey picower biography
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Picower Estate Settles Claims in Madoff Case
The estate of Jeffry Picower, the late Palm Beach philanthropist whose investments with convicted financial scammer Bernard Madoff netted him billions, has reached a $ billion settlement with the bankruptcy trustee working to compensate thousands of swindled Madoff investors, the New York Times reports.
Picower, who died of a heart attack in October , was sued by trustee Irving Picard gods year. In a statement, Barbara Picower, Jeffry Picower's widow, said the settlement will return "every penny received from almost thirty-five years of investing with Bernard Madoff."
The amount represents the difference between what Picower put into his Madoff account and the amount he withdrew over the life of the fraud. The complicated negotiations were already beneath way when Picower, who had a history of Parkinson's disease and heart ailments, passed away.
Calling the Madoff scheme "deplorable," Barbara Picower said she was c
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Jeffry Picower
American lawyer
Jeffry Picower | |
|---|---|
| Born | Jeffry M. Picower ()May 5, New York City, U.S. |
| Died | October 25, () (aged&#;67) Palm Beach, Florida, U.S. |
| Occupation(s) | Investor, lawyer, accountant |
| Known&#;for | Being the biggest beneficiary of Bernard Madoff's Ponzi scheme |
| Spouse | Barbara Picower |
Jeffry M. Picower (May 5, – October 25, )[1][2] was an American investor involved in the Madoff investment scandal.[3][4] He was the largest beneficiary of Madoff's Ponzi scheme, and his widow agreed to have his estate settle the claims against it by Madoff trustee Irving Picard for $ billion, the largest single forfeiture in American judicial history.[5][6][7][8][9]
Business dealings
[edit]Picower was born into a Jewish family in the Bronx, New York.[3][4][10] He was a certified public accountant and lawyer,[11] but
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NEW YORK (CBS/AP) The widow of Ponzi swindler Bernard Madoff's biggest beneficiary agreed Friday to return a staggering $ billion that her husband reaped from the scandal, which means many of Madoff's victims who thought they lost everything could get at least half their money back.
Federal prosecutors reached the settlement with the estate of Florida philanthropist Jeffry Picower, a businessman who drowned after suffering a heart attack in the swimming pool of his Palm Beach mansion in October
U.S. Attorney Preet Bharara called the forfeiture the largest in Justice Department history and a "game changer" for those swindled by Madoff. He commended Picower's widow, Barbara, "for agreeing to turn over this truly staggering sum, which really was always other people's money."
"We will return every penny received from almost 35 years of investing with Bernard Madoff," Barbara Picower said in a statement. "I believe the Madoff Ponzi scheme was deplorable, and
I am deeply saddened