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Picower Death May Stall Suit for Madoff Billions

Will be harder for bilked investors to recoup losses

By the Associated Press

Posted Oct 26, 2009 9:40 AM CDT

(AP) – The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of longtime pal Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said late yesterday. Palm Beach police are investigating the death, after Picower's wife discovered the 67-year-old's body at the bottom of the pool at their $33 million oceanside mansion. Picower's doctor said he was suffering from heart disease and Parkinson's.

Trustee Irving Picard demanded Picower return more than $7 billion, arguing that his accounts with Madoff were "riddled with blatant and obvious fraud," and as a sophisticated investor he should have recognized that. In an emailed statement yesterday, Picard said "litigation will continue." Lawyers said Picower's death could put an end to settlement talks that had begun. "It may cause those who have control of his assets to fight harder because there is no longer any personal dignity or desire to settle and move on," one told the AP.

Jeffry and Barbara Picower (Lucien Capehart/MIT)

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COMMENTS

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Showing 3 of 3 comments

youngblood

Oct 26, 2009 6:11 AM CDT

Whatever happened to...I will give you back the money when you can take it from my cold dead hands?

Netstorm2k10

Oct 26, 2009 5:40 AM CDT

The Law. Good book. Bastiat should be read more. Unfortunately, with our modern American education system, most people can't understand or concentrate enough to read it. Just as our masters intend.

tomodachi

Oct 26, 2009 3:59 AM CDT

I saw this earlier today... it seems appropriate here: “When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.” –French economist, statesman and author Frederic Bastiat (1801-1850)

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Money • Crime & Courts

death • Ponzi scheme • Bernard Madoff • Jeffry Picower • Barbara Picower

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Picower Death May Stall Suit for Madoff Billions

Will be harder for bilked investors to recoup losses

OTHER STORIES ON OUR RADAR

death • Ponzi scheme • Bernard Madoff • Jeffry Picower • Barbara Picower

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More Newser Stories

SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

Bernie and I Attempted Suicide: Ruth Madoff

She says she and Bernie tried to kill themselves after story broke

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

'Amish Bernie Madoff' Busted

Ohio man accused of running $16.8m Ponzi scheme

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

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Picower Death May Stall Suit for Madoff Billions

Will be harder for bilked investors to recoup losses

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OTHER STORIES ON OUR RADAR

death • Ponzi scheme • Bernard Madoff • Jeffry Picower • Barbara Picower

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

Bernie and I Attempted Suicide: Ruth Madoff

She says she and Bernie tried to kill themselves after story broke

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

'Amish Bernie Madoff' Busted

Ohio man accused of running $16.8m Ponzi scheme

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?