Monday, October 26, 2009

Madoff friend found dead in his pool

The Madoff case seems to get crazier each time a news report comes out on it! Last week's allegations were deemed too speculative for us to do a post. We want to see some confirmation about these allegations before wasting too much energy on them. They are definitely extreme but this is an extreme case so who knows?!

However, the most recent news is not speculative but involves a fact that Madoff's friend, Jeffry Picower was found dead at the bottom of his pool at his Palm Beach mansion. Here are a few claims from an article posted yesterday on
  • Picard is listed as one of the wealthiest Americans by Forbes magazine.
  • Madoff trustee, Irving Picard, claims Picower was complicit in the fraud.
  • Picard claims that "Picower was the biggest beneficiary of Madoff's scheme, having withdrawn either directly or through the entities he controlled more than $7.2 billion of other investors' money."
  • Picower was being sued by the Madoff trustee for $7.2 billion.
Today's WSJ and other reports say that Mr. Picower's lawyer said an autopsy shows Picower suffered a massive heart attack that caused his drowning while he was swimming.

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