Madoff Bust Stokes Anti-Semitism in Palm Beach

Jeffry Picower faced Ponzi scheme lawsuit

(NEWSER) - Philanthropist Jeffry Picower, who allegedly reaped billions of dollars from longtime friend Bernard Madoff's Ponzi schemes, was found dead today at the bottom of his Florida swimming pool. Efforts to revive him failed, and his death was ruled a drowning, police said. Picower, 67, wife Barbara, and their foundation were among the defendants in a lawsuit brought by the trustee liquidating Madoff's assets, the Palm Beach Post reports. More»

(NEWSER) - At least one person looks to have benefited more from Bernie Madoff’s Ponzi scheme than Bernie Madoff, ProPublica reports. Jeffry Picower, a secretive philanthropist and investor in medical technologies, is on the books as having withdrawn some $5.1 billion in returns from 1995 to 2008, well beyond his original investment. Records show some fishy numbers in Picower’s accounts, and the Madoff trustee has filed a lawsuit against him. More»

Medical research set back years as bilked charities slash aid

(NEWSER) - Bernard Madoff's alleged Ponzi scheme is sending shockwaves deep into the worlds of medicine and science as scammed charitable foundations yank funding for key research projects, reports the Wall Street Journal. Experts believe the number of people affected by the scam's impact on health care could run into the millions. More»

(NEWSER) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000 could drop off in the next year. And those that don’t shutter are facing heartbreaking cutbacks. More»

Swindler exploited ritzy Palm Beach culture to bilk investors

(NEWSER) - You have to give it to Bernie Madoff: The Ponzi pirate wasn’t your average fraudster, Daniel Gross observes in Slate. Look no further than Palm Beach, which was "ground zero" of his scheme. Madoff got where he did by “fiendishly exploiting the unique, clubby culture" of the place—"and of the global jet set that congregates there,” writes Gross. The scheme was “as much an anthropological story as a financial one.” More»