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Bernard L. Madoff friend Jeffry Picower death an accidental drowning!
By Robert J. Steiner for CEOWORLD Magazine Updated:October 27, 2009
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Jeffry Picower was discovered at the bottom of his swimming pool in Palm Beach – a seaside playground for America’s rich and famous. A billionaire associate of fraudster Bernie Madoff was found dead at his Florida mansion over the weekend.
Picower claimed he was one of Madoff’s victims, but the trustee unscrambling the scheme alleged that the man “knew or should have known” about the scam.
Local Madoff victim Lawrence Velvel suspects Picower, a tax-shelter expert, helped Madoff launder money or hide it offshore.
Picower, known for his philanthropy, was dogged in recent months by allegations that he profited to the tune of $7.2 billion from Madoff’s Ponzi scheme. Irving Picard, the trustee handling the bankruptcy of Madoff’s company, charged in a lawsuit filed in May that the Picowers, their Picower Foundation and various companies they controlled took massive profits that they should have known were the products of a fraud.
The Associated Press quotes Dr. Michael Bell, chief medical examiner for Palm Beach County, as saying that an autopsy shows that Picower suffered a heart attack and drowned.
Irving Picard, trustee of the Madoff assets, has demanded that Picower, whose assets were managed by Madoff, return more than $7 million in what he called bogus profits. Picard has said the litigation on the matter could continue.
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big joe
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