Dead Madoff associate’s will being targetted to pay off Ponzi scheme victims
November 11th, 2009 - 6:33 pm ICT by ANI
- New York/Florida, Nov.11 (ANI): A trustee charged with reclaiming the estimated 21 billion dollars in losses suffered by investors in Bernie Madoff’s massive Ponzi scheme, has said that he will be eying the will of dead Florida businessman Jeffry Picower to be revealed today to pay off some of the victims of the scam.
Picower, an associate of Madoff, was found dead in his Palm Beach swimming pool last month.
His will is bound to set off a tug of war over his assets, estimated to be far in excess of a billion dollars.
In May, the trustee, Irving Picard, sued for the return of seven billion dollars.
The Times and CBS quoted him as saying that Picower and his wife, Barbara, withdrew over several decades from Madoff accounts.
The Picowers had denied any knowledge of the Ponzi scheme, claiming they had also been victimized by Madoff.
The Picowers’ lawyers said the limit to the trustee’s claim should be the 2.4 billion dollars the couple withdrew from their accounts during the six-year recovery period specified under New York State law.
In addition to bequests to his widow and adult daughter totalling 225 million dollars, the will specifies a 10 million dollar bequest to his longtime assistant, and a million each for the New York Public Library, the Harlem Children’s Zone and the Nurse-Family Partnership. (ANI)
Related Stories
- Madoff's friend found dead in Palm Beach residence swimming pool - Oct 26, 2009
- Madoff sons may pay for his sins - Sep 02, 2009
- Ruth Madoff must report any spending over $100 - Aug 05, 2009
- Ponzi King Madoff had flings with numerous secretaries - Aug 18, 2009
- Ponzi King Madoff had flings with numerous secretaries - Aug 18, 2009
- Bernard Madoff ordered to forfeit over $170 billion - Jun 27, 2009
- US prosecutors propose 150-year-jail term for Ponzi king Madoff - Jun 27, 2009
- Ponzi king Madoff emerges victorious in prison fight - Oct 14, 2009
- Ex Jewish charity CFO had a roaring affair with Ponzi KIng Madoff - Aug 14, 2009
- Auction of Ponzi king Madoff's items raises one-million-dollars - Nov 15, 2009
- World
- adult daughter
- bequest
- bequests
- bernie madoff
- billion dollars
- family partnership
- florida businessman
- jeffry
- longtime assistant
- new york florida
- new york public library
- new york state law
- palm beach
- ponzi scheme
- recovery period
- swimming pool
- targetted
- tug of war
- wife barbara
- york public library
Posted in World, |