Madoff alleged top beneficiary Jeffry Picower found dead at bottom of pool

October 26, 2009

(ChattahBox) — Florida investor and philanthropist Jeffry Picower, alleged to have extracted billions dollars in his friend Bernard Madoff’s ponzi scheme, died Sunday after he was found at the bottom of his swimming pool, police said.  Picower’s wife found the body at the bottom of the pool in their Palm Beach mansion and called police. She had reportedly seen her husband swimming 15 minutes prior to finding him dead on the floor of pool. Picower, 67, was rushed to the hospital where he was pronounced dead. 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 bankruptcy lawyers who sued him and alleged he had taken out $7 billion more than he had put in. “He made 30 times what Madoff did from the scam and about a third of the missing money went to Picower,” one investigator said, suggesting he may have been the mastermind behind the con or Madoff’s equal “partner in crime.” Investigators say Madoff documents prove that Picower frequently offered instructions as to how he could create false trades.

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4 Responses to “Madoff alleged top beneficiary Jeffry Picower found dead at bottom of pool”

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