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Jeffry M. Picower

AKA Jeffry Martin Picower

Born: 5-May-1942
Birthplace: New York City
Died: 25-Oct-2009
Location of death: Palm Beach, FL
Cause of death: Accident - Drowning

Gender: Male
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Business

Nationality: United States
Executive summary: Became billionaire via Madoff's Ponzi

A close friend of Bernard L. Madoff, over three decades Picower allegedly profited in excess of $7B from Madoff investment vehicles, a sum far larger than the $500M he apparently seems to have invested in them. Picower often withdrew his money, making these actual profits, which did not evaporate entirely upon collapse of Madoff's monumental Ponzi scheme. In 1989, he and his wife founded the Picower Foundation, which by 2007 controlled $1B in assets, largely held in Madoff investments. Major beneficiaries of the foundation include MIT and the New York Public Library, though it is ironic that some percentage of monies channeled to these institutions were in fact stolen from other charities. Upon collapse of the scheme, the foundation's assets were illusory, forcing it to close its doors. Toward the end of his life, Picower was in poor health and suffered from Parkinson's disease as well as heart problems. On 25 October 2009, his body was found drowned in the pool at his mansion in Palm Beach, Florida. Picower's widow later agreed to return $7.2B earned through Madoff investments.

Wife: Barbara

    University: BS Business, Pennsylvania State University (1963)

    Picower Foundation Co-Founder (1989-2009)
    Laventhol & Horwath Accountant
    Heart Attack (25-Oct-2009)
    Risk Factors: Parkinson's

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