Wino Posted October 26, 2009 Report Share Posted October 26, 2009 Madoff’s longtime friend and associate found dead at the bottom of his swimming pool. Do you think this was suicide or did a disgruntled investor have his way with Jeffry Picower? The following article said that Picower made $7 billion dollars over the years with Madoff. Here is the article. October 25, 2009 Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said. He was 67. Picower's wife discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m. Palm Beach police are investigating the death, as is standard for any drowning, the department said in a statement. Detectives were still at the home more than five hours after the 911 call. Picower's body showed no visible injuries, said Joseph Sekula, spokesman for the Palm Beach Fire Department "There wasn't anything noted as far as trauma or anything to the body," he said. Picower had been accused by jilted investors of being the biggest beneficiary of Madoff's schemes. In a lawsuit to recover Madoff's assets, trustee Irving Picard demanded Picower return more than $7 billion in bogus profits. Picower and his wife started the Picower Foundation in 1989, which has given millions to the Massachusetts Institute of Technology, Human Rights First and the New York Public Library. It also funded diabetes research at Harvard Medical School. The foundation, whose assets were managed by Madoff, said in its 2007 tax return that its investment portfolio was valued at nearly $1 billion. After the Madoff scandal broke in December, the Picower Foundation said it would have to cease grant-making and would be forced to close. But the trustee's lawyer said Picower's claims that he was a victim "ring hollow" because he withdrew more of other investors' money than anyone else during three decades of investing with Madoff and should have noticed signs of fraud. According to the lawyers, Picower's accounts were "riddled with blatant and obvious fraud," and he should have recognized that because he was a sophisticated investor. Picower had asked that the lawsuit be dismissed, saying it was unsupported by the facts. Messages left for Picower's lawyer, William Zabel, and his wife's attorney, Marcy Harris, weren't immediately returned Sunday. Madoff is serving a 150-year prison sentence after he admitted losing billions of dollars for thousands of clients over a half-century career that saw him rise to be a Nasdaq chairman. http://www.npr.org/t...166&ft=1&f=1003 Link to comment Share on other sites More sharing options...
patong Posted October 26, 2009 Report Share Posted October 26, 2009 I would guess it's a suicide. Link to comment Share on other sites More sharing options...
WannaGo Posted October 26, 2009 Report Share Posted October 26, 2009 My guess is going to be accidental drowning, or that the drowning was secondary to some other incident, like a heart attack. It's difficult to deliberately drown yourself in a swimming pool unless you are physically incapacitated or medicate yourself beforehand with pills or booze. Otherwise, when you feel yourself drowning, your body's own natural response is likely to send you back to the surface. And, if this was a homicide, I would expect bruising and possibly scratches on the body from being held underwater. Link to comment Share on other sites More sharing options...
Wino Posted October 27, 2009 Author Report Share Posted October 27, 2009 My guess is going to be accidental drowning, or that the drowning was secondary to some other incident, like a heart attack. Looks like you are right according to this article by Brian Skoloff. "An autopsy conducted Monday found he suffered a heart attack and drowned, said Dr. Michael Bell, chief medical examiner for Palm Beach County. The death has been ruled accidental, and the heart attack was brought on by heart disease. Toxicology tests are pending." http://www.comcast.net/articles/finance/20091025/US.Madoff.Associate.Death/print/ Time will tell if he was a crook or a victim. Looks like the Madoff victims will be going after his estate. Link to comment Share on other sites More sharing options...
Beer Chang Posted October 27, 2009 Report Share Posted October 27, 2009 Heart attack. But the Madoff stress could have been a contributory factor. Link to comment Share on other sites More sharing options...
Wino Posted October 28, 2009 Author Report Share Posted October 28, 2009 Heart attack. But the Madoff stress could have been a contributory factor.I think some of the slime from Madoff must have been a contributing factor, too. Link to comment Share on other sites More sharing options...
eleothegreat Posted October 28, 2009 Report Share Posted October 28, 2009 He was 67. He could have had a heart attack..maybe. Link to comment Share on other sites More sharing options...
Wino Posted October 28, 2009 Author Report Share Posted October 28, 2009 He was 67. He could have had a heart attack..maybe. Yes, the autopsy report found that he suffered a heart attack and drowned according to the chief medical examiner for Palm Beach County, a doctor Michael Bell. Read more at: http://www.huffingtonpost.com/2009/10/26/jeffry-picower-autopsy-re_n_334075.html Link to comment Share on other sites More sharing options...
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