273:
invested with Mr. Madoff over time. Within two weeks, the $ 125 million deposit had purportedly grown to $ 164 million because of a dramatic ‘gain’ on the securities held in the account—all of which supposedly had been purchased three months earlier ... Five months later, Mr. Picower withdrew his original $ 125 million, leaving $ 81 million in the account. There is no legitimate explanation for these events nor any possibility that they escaped
Picower’s notice."
286:, where he was pronounced dead about 80 minutes later. According to the Palm Beach Police Department, "An autopsy of the body of Jeffry M. Picower was performed this morning. The Palm Beach County Medical Examiner's Office determined that Mr. Picower suffered a massive heart attack while in the swimming pool resulting in accidental drowning." He was buried on October 27, 2009, in Mount Ararat Cemetery in
293:
On
December 17, 2010, it was announced that a settlement of $ 7.2 billion had been reached between Irving Picard and Barbara Picower, Picower's widow, the executor of the Picower estate, to resolve the Madoff trustee suit, and repay losses in the Madoff fraud. It was the largest single forfeiture in
306:
reported that the foundation was established with a $ 1.2 billion endowment. As of 2018, the JPB Foundation had over $ 3.7 billion in total assets. According to
Foundation Center's list of the largest grant-making foundations, the JPB Foundation was the 24th-largest foundation by asset size in the
272:
On
November 1, 2009, an additional court filing by Irving Picard documented an apparently fraudulent gain benefiting Picower. "According to the new filing, Mr. Picower opened an account with Mr. Madoff on April 18, 2006, by wiring a check for $ 125 million, more than a quarter of the entire sum he
263:
for the
Southern District of New York (Manhattan), seeking the return of $ 7.2 billion in profits, alleging that Picower and his wife Barbara knew or should have known that their rates of return were "implausibly high", with some accounts showing annual returns ranging from 120% to more than 550%
268:
article, that would make
Picower and his wife the biggest beneficiaries of Madoff's scam, exceeding even Madoff himself. The Picowers' lawyer, William D. Zabel of Schulte Roth & Zabel, responded that, "They were totally shocked by his fraud and were in no way complicit in it." Madoff has
185:. It was spun off into a for-profit company, Cytokine Networks, which was later merged with privately held PharmaSciences to form Cytokine PharmaSciences. However, it was revealed that Picower owned 76% of PharmaSciences stock and actually controlled 86.2%, putting him in a
269:
suggested that
Picower was allowed to remain as a client because he was "the Ponzi equivalent of a bank too big to fail: an investor too big to fire." It would have been impossible for Madoff to find enough cash to completely redeem his multi-billion-dollar account.
192:
After
Physician Computer Network, Inc., went bankrupt, Picower, the chairman of the board and 45% shareholder, had to give $ 21 million to other shareholders in 2000 after it was discovered that company executives had falsified financial statements.
1040:"ORDER PURSUANT TO SECTION 105(a) OF THE BANKRUPTCY CODE AND RULES 2002 AND 9019 OF THE FEDERAL RULES OF BANKRUPTCY PROCEDURE APPROVING AN AGREEMENT BY AND AMONG THE TRUSTEE AND THE PICOWER BLMIS ACCOUNT HOLDERS AND ISSUING A PERMANENT INJUNCTION"
281:
On
October 25, 2009, Jeffry Picower died at his Palm Beach home. Picower's wife Barbara told dispatchers she found him "at the bottom of their swimming pool" at their oceanfront estate shortly after noon. He was taken to
363:
301:
In 2011, Barbara
Picower resumed her philanthropic activities, setting up a new foundation called the JPB Foundation with assets that remained from Jeffry Picower's estate following the legal settlement.
221:
The Jeffry M. and Barbara Picower Foundation was created in 1989 by Picower and his wife Barbara. Barbara Picower was listed as Executive Director and trustee, with both Picowers being members of the
1385:
1197:
486:
283:
1080:
779:
1244:
1147:
1012:
371:
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It was reported that between December 1995 and December 2008, Picower and his family withdrew "from their various Madoff accounts $ 5.1 billion more than they invested."
587:
1375:
1390:
1164:
1028:
497:
242:
213:, which listed Picower at no. 371, placed his net worth at $ 1 billion, though the magazine acknowledged that he was "likely worth billions more."
1140:
159:
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managed foundation assets listed at over $ 1 billion. It distributed over $ 268 million in grants to various American organizations, including
1380:
238:
989:
1400:
1395:
169:
established a charity, the Picower Institute for Medical Research, with an initial endowment of $ 10 million. Researchers there, led by
1303:
1133:
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789:
817:
767:
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431:
260:
716:
1355:
655:
1365:
635:
1286:
141:
1105:
324:
245:. However, the Picower Foundation was forced to close in 2009 due to losses arising from the uncovering of Madoff's
1255:
868:
408:
1156:
409:"Madoff may not have benefited most in scam Client Jeffry Picower allegedly withdrew $ 5.1 billion from accounts"
367:
113:
515:
152:
155:
challenged their validity, one of Picower's clients sued him and the firm. The case was settled out of court.
1039:
743:
389:
234:
967:
472:
287:
614:
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1345:
894:
640:
619:
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magazine as one of the 400 richest people in the United States for 2009, his only time on the list.
1310:
1294:
71:
1321:
1187:
591:
230:
222:
182:
691:
559:
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nation. Barbara Picower currently serves as the President and Director of the JPB Foundation.
346:
1315:
1280:
923:
436:
1182:
1106:"Foundation Stats: Guide to the Foundation Center's Research Database - Foundation Center"
197:
170:
120:, and his widow agreed to have his estate settle the claims against it by Madoff trustee
173:, made a potentially valuable discovery, with possible applications in the treatment of
1273:
226:
166:
162:
for late disclosure of his greater than 5% position in a company involved in a merger.
147:
As an accountant at Laventhol & Horwath in the 1980s, Picower set up questionable
1339:
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1177:
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295:
256:
121:
92:
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784:
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American judicial history. "Barbara Picower has done the right thing," US Attorney
246:
117:
487:"Madoff Trustee Recovers $ 7.2 Billion for Victims of Scheme" - The New York Times
259:, the trustee liquidating Madoff's assets, filed a lawsuit against Picower in the
869:"Madoff Client Jeffry Picower Netted $ 5 Billion—Likely More Than Madoff Himself"
1223:
1213:
1081:"Barbara Picower Is Back In Business As One Of The Nation's Top Philanthropists"
148:
124:
for $ 7.2 billion, the largest single forfeiture in American judicial history.
17:
842:
659:
1125:
137:
658:. Stanford Law School Securities Class Action Clearinghouse. Archived from
112:(May 5, 1942 – October 25, 2009) was an American investor involved in the
519:
264:
from 1996 through 1998, and 950% in 1999. According to a June 28, 2009,
564:
523:
205:
133:
768:
Picower’s Madoff Take Now Estimated to Be $ 7.2 Billion — ProPublica
1029:"Madoff Trustee Gets 'game Changing' 7.2 Billion Settlement" - NECN
144:
and lawyer, but made most of his fortune by investing with Madoff.
265:
968:"Picower, Sued by Madoff Trustee, Died of Heart Attack (Update2)"
325:"Palm Beach Police identify Jeffry M. Picower as drowning victim"
241:
neuroscience research center, which was subsequently renamed the
1054:
196:
Alaris Medical Systems, 65% owned by Picower, was taken over by
1129:
846:
895:"Lawsuit claims Picower profits from Madoff $ 5 billion"
364:"Picower estate returns $ 7.2 billion from Madoff scam"
990:"Death of Jeffry M. Picower Ruled Accidental Drowning"
1013:"Jeffry Picower laid to rest at Long Island cemetery"
922:
Diana B. Henriques and Zachery Kouwe (May 12, 2009).
1386:
People associated with the Madoff investment scandal
1265:
1237:
1206:
1163:
460:
Diana B. Henriques, "The Wizard of Lies" 2011 p.134
99:
87:
79:
60:
41:
34:
383:
381:
1024:
1022:
615:"Foundations' founder yet to donate $ 67-million"
992:. Palm Beach Police Department. October 26, 2009
893:Santosh Nadgir and Grant McCool (May 13, 2009).
818:"Charity Picower says closes from Madoff losses"
588:"Noted Scientist And Staff Leave Rockefeller U."
482:
480:
468:
466:
1256:United States v. Jerome O'Hara and George Perez
358:
356:
950:"Trustee Cites 2003 Problem in Madoff Account"
692:"Foundation That Relied on Madoff Fund Closes"
1141:
430:Healy, Beth; Casey Ross (December 18, 2010).
390:"Local foundations sued in Madoff 'clawback'"
116:. He was the largest beneficiary of Madoff's
8:
780:"Jeffry M. & Barbara Picower Foundation"
516:"Madoff may not have benefited most in scam"
432:"Picower estate adds $ 7.2b to Madoff fund"
1148:
1134:
1126:
811:
809:
807:
690:Fabrikant, Geraldine (December 19, 2008).
237:. In 2002, it granted $ 50 million to the
31:
924:"Billions Withdrawn Before Madoff Arrest"
636:"Complex web benefits foundation founder"
553:
551:
549:
547:
545:
543:
541:
243:Picower Institute for Learning and Memory
509:
507:
505:
456:
454:
388:Mordechai Specktor (December 22, 2010).
347:"Madoff investor drowns in Florida pool"
1376:Deaths by drowning in the United States
917:
915:
315:
160:U.S. Securities and Exchange Commission
1011:Janjigian, Robert (October 29, 2009).
744:"Super rich are $ 300 billion lighter"
685:
683:
681:
679:
677:
586:Stevens, William K. (August 1, 1991).
558:McMenamin, Brigid (October 14, 2002).
323:Susman, Carolyn (September 25, 2009).
1391:20th-century American philanthropists
1049:
1047:
239:Massachusetts Institute of Technology
7:
948:Henriques, Diana (October 1, 2009).
816:Weinraub, Mark (December 20, 2008).
158:In 1983, Picower was rebuked by the
370:. December 17, 2010. Archived from
1304:Madoff: The Monster of Wall Street
742:Rooney, Ben (September 30, 2009).
613:Jacoby, Mary (December 29, 2001).
25:
970:. bloomberg.com. October 26, 2009
867:Bernstein, Jake (June 23, 2009).
656:"Physician Computer Network, Inc"
514:Bernstein, Jake (June 28, 2009).
407:Bernstein, Jake (June 28, 2009).
91:Being the biggest beneficiary of
717:"The 400 Richest Americans 2009"
473:"Widow to Return $ 7.2 Billion"
217:Involvement with Bernard Madoff
843:"The Picower Institute: About"
1:
1371:20th-century American lawyers
634:Jacoby, Mary (July 8, 2001).
284:Good Samaritan Medical Center
1381:Accidental deaths in Florida
349:. cnn.com. October 26, 2009.
189:in the merger negotiations.
83:Investor, lawyer, accountant
200:in 2004 for $ 1.6 billion.
142:certified public accountant
1417:
1401:21st-century American Jews
1396:20th-century American Jews
1157:Madoff investment scandal
1110:data.foundationcenter.org
368:Jewish Telegraphic Agency
114:Madoff investment scandal
327:. palmbeachdailynews.com
132:Picower was born into a
235:New York Public Library
498:"Madoff's Mystery Man"
374:on September 26, 2012.
203:Picower was listed by
1361:American billionaires
526:on September 23, 2020
394:American Jewish World
288:Farmingdale, New York
261:U.S. Bankruptcy Court
165:In 1991, Picower and
140:, New York. He was a
1356:American accountants
792:on December 22, 2010
723:. September 30, 2009
641:St. Petersburg Times
620:St. Petersburg Times
277:Death and settlement
187:conflict of interest
175:rheumatoid arthritis
1366:American financiers
1311:No One Would Listen
72:Palm Beach, Florida
1323:The Wizard of Lies
1188:David G. Friehling
1055:"JPB Foundation -"
954:The New York Times
928:The New York Times
696:The New York Times
592:The New York Times
231:Human Rights First
225:. Longtime friend
223:board of directors
183:multiple sclerosis
1333:
1332:
1245:Recovery of funds
128:Business dealings
110:Jeffry M. Picower
107:
106:
46:Jeffry M. Picower
16:(Redirected from
1408:
1316:Harry Markopolos
1281:Imagining Madoff
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788:. Archived from
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522:. Archived from
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437:The Boston Globe
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64:October 25, 2009
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1288:In God We Trust
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1183:Frank DiPascali
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1079:Vardi, Nathan.
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662:on June 9, 2011
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560:"Unaccountable"
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198:Cardinal Health
179:Crohn's disease
171:Kevin J. Tracey
130:
103:Barbara Picower
95:'s Ponzi scheme
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51:
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47:
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27:American lawyer
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18:Jeffrey Picower
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1274:Chasing Madoff
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1059:JPB Foundation
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255:In June 2009,
227:Bernard Madoff
218:
215:
167:Anthony Cerami
129:
126:
105:
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93:Bernard Madoff
89:
88:Known for
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68:(aged 67)
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36:Jeffry Picower
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1249:Irving Picard
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1219:Andrew Madoff
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1207:Madoff family
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1178:Stanley Chais
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1173:Bernie Madoff
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753:September 30,
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411:. Pro Publica
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122:Irving Picard
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80:Occupation(s)
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1298:(miniseries)
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1229:Eric Swanson
1192:
1165:Participants
1113:. Retrieved
1109:
1100:
1088:. Retrieved
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1074:
1062:. Retrieved
1058:
1035:
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994:. Retrieved
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837:
825:. Retrieved
821:
794:. Retrieved
790:the original
785:BusinessWeek
783:
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751:. Retrieved
747:
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727:December 18,
725:. Retrieved
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699:. Retrieved
695:
664:. Retrieved
660:the original
650:
639:
629:
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608:
596:. Retrieved
590:
581:
569:. Retrieved
563:
528:. Retrieved
524:the original
493:
443:December 18,
441:. Retrieved
435:
425:
415:December 18,
413:. Retrieved
402:
393:
372:the original
341:
329:. Retrieved
318:
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254:
251:
247:Ponzi scheme
220:
210:
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195:
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149:tax shelters
146:
131:
118:Ponzi scheme
109:
108:
66:(2009-10-25)
29:
1351:2009 deaths
1346:1942 births
1224:Mark Madoff
1214:Ruth Madoff
996:October 26,
974:October 27,
878:February 7,
331:October 25,
151:. When the
56:May 5, 1942
1340:Categories
873:Propublica
721:Forbes.com
311:References
136:family in
52:1942-05-05
1198:Investors
1115:April 19,
1090:April 19,
1064:April 19,
748:CNN Money
571:March 19,
138:the Bronx
1238:Response
520:NBC News
233:and the
933:July 2,
904:July 2,
899:Reuters
852:July 2,
827:July 2,
822:Reuters
796:July 2,
701:July 2,
666:July 2,
598:July 2,
530:July 2,
1325:(film)
1296:Madoff
1290:(film)
1085:Forbes
565:Forbes
304:Forbes
298:said.
211:Forbes
206:Forbes
181:, and
134:Jewish
100:Spouse
74:, U.S.
1266:Media
266:MSNBC
1117:2018
1092:2018
1066:2018
998:2009
976:2009
935:2009
906:2009
880:2016
854:2009
829:2009
798:2009
755:2009
729:2010
703:2009
668:2009
600:2009
573:2019
532:2009
445:2010
417:2010
333:2009
61:Died
42:Born
847:MIT
153:IRS
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