Bernard Madoff’s Beneficiary Jeffry M. Picower’s Estate To Return $7.2 Billion

December 18th, 2010 - 7:58 pm ICT by GD  

By Gina Gomez
picowerDec 18, (THAINDIAN NEWS) Jeffry M. Picower’s widow has recently announced that she would give back an estimated $7.2 billion that her husband received from Bernard Madoff’s Ponzi Scheme. Media outlets report that this is going to be the largest penalty in the U.S. history as it would recover one-third of the money stolen in the Wall Street scheme. Barbara Picower, the wife of Jeffry M. Picower told a reputed media source that she would return the money received from the Ponzi Scheme.

In her statement, Barbara Picower said that Jeffry M. Picower faced $2.4 billion of lawsuit liability but she believes that the settlement honors her husband and what he would have done if he was alive. U.S. attorney from Southern District of New York, Preet Bharara said in the statement that the agreement revolves round the compliant they filed to receive the profits that Jeffry M. Picower received from Bernard Madoff in the Ponzi Scheme. Back in 2009, Irving Picard, a trustee who was given the charge of recovering money lost in the Ponzi Scheme, sued Jeffry M. Picower and his wife stating that the couple gets annual returns which is “outrageous” and high like 950% on Bernard Madoff’s investments where as the average returns were 9%.

Irving Picard previously said that the trustees are hopeful that they will be able to receive money from Jeffry M. Picower. Barbara Picower, in her statement said that she believes Bernard Madoff’s Ponzi scheme was somewhat “deplorable” and she hopes that this settlement with the court would ease lot of sufferings. U.S. Attorney Preet Bharara said in the statement that the received money would be distributed soon.

Related Stories

Tags: , , , , , , , , , , , , , , , , ,

Posted in World |