Dead Madoff associate’s will being targetted to pay off Ponzi scheme victims
November 11th, 2009 - 6:33 pm ICT by ANI ( Leave a comment )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)
- Bernard Madoff's Beneficiary Jeffry M. Picower's Estate To Return $7.2 Billion - Dec 18, 2010
- Bernie Madoff Accomplice Sonja Kohn Outed - Dec 11, 2010
- Widow gives $7.2bn back to Madoff victims in largest forfeiture in US history - Dec 18, 2010
- "60 Minutes" Showcases Ponzi Scheme Liquidator Bernie Madoff - Jun 21, 2010
- Trustee charges HSBC with funnelling disgraced Ponzi King Madoff's massive fraud - Dec 06, 2010
- Madoff sons may pay for his sins - Sep 02, 2009
- John Malkovich Involved In Madoff Legal Drama - Apr 06, 2010
- Robert de Niro to star as Bernie Madoff in a new movie - Nov 08, 2011
- Bernie Madoff's Spoils Auctioned For A Whopping $2 Million - Nov 15, 2010
- Liquidator Trying To Trace Ponzi Scheme Money- Reports 60 Minutes - Jun 21, 2010
- Bernie Madoff's Boxers Anyone? - Nov 12, 2010
- Actor John Malkovich In Legal Drama Over Bernie Madoff Fraud - Apr 05, 2010
- Madoff's friend found dead in Palm Beach residence swimming pool - Oct 26, 2009
- Auction of Bernie Madoff's items raises $2 million - Nov 15, 2010
- Ponzie King Madoff's possessions auctioned in New York - Nov 14, 2010
Tags: 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