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Jeffry Picower had been accused of making more than $7 billion from the investment schemes of his longtime friend Bernard Madoff. As has been known for some time, those who managed to "get out" of Madoff's scheme early enough could turn a profit, and even make a fortune.
Bernie Madoff perpetrated one of the largest frauds in history. The Ponzi scheme ran for years before, as a global recession made people nervous, it all fell apart. Madoff eventually plead guilty to the charges and was sentenced to 150 years in prison.
Many of Madoff's clients were simply working-class folks who were bankrupted by his scheme. An example is this 90-year-old man forced to return to work. A full list of those who were involved in his Ponzi scheme, all 162 pages of it, was released early this year.
Late last year, Madoff victim and fund manager Rene-Thierry Magon de la Villehuchet committed suicide. He was apparently unable to cope with the stress and guilt of his losses.
Thus brings the question to the fore: did Jeffry Picower commit suicide? Picower's wife discovered his body and pulled him from the water with help from a housekeeper. He was pronounced dead at Good Samaritan Medical Center at approximately 1:30 PM.
Jeffry Picower had been accused by angry investors of benefited the most from Bernie Madoff's Ponzi scheme. Trustee Irving Picard demanded Picower return more than $7 billion in ill-gotten profits, and filed a lawsuit. According to Picard, withdrew more of other investors' money than anyone else during three decades and should have noticed signs of fraud.
Posted October 25th, 2009 by Michael Santo
