Bernard Madoff Ponzi Scheme Beneficiary (Jeffy Picower) Dies, Leaves $200 Million to Wife
According to Irving Picard, the bankruptcy trustee handling the infamous Bernard Madoff fraud case, Jeffry Picower "was the biggest beneficiary of Madoff's scheme, having withdrawn either directly or through the entities he controlled more than $7.2 billion of other investors' money." At the time of his death, Picower was being sued by the trust for the $7.2 billion dollars. His friend, Madoff is currently serving a 150 year term after pleading guilty to running a Ponzi scheme that bilked investors out of $65 billion.
Picower was listed recently as one of the top 400 wealthiest Americans by Forbes Magazine. He died in Palm Beach Florida of a heart attack in October of 2009. In his will he left $200 million to his wife, Barbara, $10 million to his daughter, Gabrielle, and $10 million in trust to his assistant, April Freilich. According to Mrs. Picower, her husband was committed to compensating victims of Madoff's scheme for their losses.
It is unclear how he intended to do so. According to the family lawyer, William Zabel, there will be enough money left over after the settlement to establish a philanthropic foundation, which will be headed by Barbara Picower. Find out more about the provisions of Jeffry Picower's will at Madoff friend Picower leaves $200 million to wife.
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