A major Florida-based investor, who has been sued in association with his Madoff-related gains, has been found dead.
Palm Beach Post: Palm Beach billionaire Jeffry Picower, who was found at the bottom of his South Ocean Boulevard pool Sunday afternoon, has died, according to a spokeswoman at Good Samaritan Medical centre and Palm Beach police.
A federal lawsuit was filed against Picower, his wife Barbara, their local Picower Foundation and several other defendants in May. The suit, brought by the trustee liquidating the Bernard L. Madoff Investment Securities company, claims that Picower benefited from Madoff’s Ponzi scheme for more than 20 years, earning more than $5 billion.
Far from being a Madoff victim, as was once thought, the complaint against the Picowers says Jeffry Picower should have know that unrealistically high annual returns of as much as 950 per cent were phony.