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Associate involved in Madoff Scam dies at 67
Photo Credit: CreativeCommons.org
Picower Institute for Learning and Memory at MIT.
Written by Christie Riganati, Online News Editor
October 25, 2009, business man, Jeffry Picower was rushed to Good Samaritan Medical Center in West Palm Beach. Picowers’ wife discovered his lifeless body on the bottom of the pool and with the help of a housekeeper pulled him out of the water and proceeded to call 911. Shortly after arriving at the hospital along with many failed attempts to revive him, Picower was pronounced dead. There has not been any cause of death confirmed but as of right now drowning is the most logical cause. Picower has been known as a generous philanthropist. He and his family had made many donations to schools and funding for medical research. Picower and his wife also founded the Picower Foundation.
For the most part Jeffry Picower maintained a low profile life until early 2009 when he was accused of participating in the Madoff scam. The Madoff scam was led by Bernard “Bernie” Madoff, who stole from wealthy investors who thought they were investing in his corporation. This scam had been going on for more than a decade before he had been caught by the government. In March of 2009, Madoff had pleaded guilty to 11 federal offenses. Although many believed that Madoff was the most beneficial of this scam before it was busted, many investors consider it was Picower that made out with the most. Irving Picard had demanded that Picower owe $7 billion in profits to those victims that lost their money. Picower responded with a request for dismissal due to lack of facts.
However, the case had remained unsettled before the death of the defendant, Jeffry Picower. The victims who lost their investments still proceed to fight for reimbursement by the support of lawyer Jonathan Landers. The Associated Press reports, “While there are allegations regarding his knowledge of the Madoff fraud and his possible liability to investors, none have been proven,” he wrote. Landers added that even if such facts could be proved, Picower’s “death could make it easier or more difficult to obtain and collect on claims.”
At this time it remains unknown whether these allegations are true and with the death of Jeffry Picower this can make the case more difficult to solve.
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