Billionaire Madoff Investor Found Dead In Swimming Pool
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The lawyer and philanthropist was being sued by Madoff trustee Irving Picard, as he is said to have received profits of around $6.7bn from the money he invested with Madoff over the last 20 years, and the trustee wants it back.
Picower's return from Madoff far exceeded that of any other investor, and his regular annual returns of over 100% has convinced many that the former lawyer must have known that Madoff was a crook, as it was surely impossible to bring in those kind of profits (on a regular basis) legitimately.
The police said in a statement that: 'As standard operating procedure in any drowning, the Palm Beach Police Department is conducting an investigation into Mr Picower's death'. A spokesperson for the family said that 'Mr Picower did have health issues. He suffered from Parkinson's disease, and did have heart-related medical issues'.
Picower is listed as the 371st richest American in the Forbes 2009 list.
Sources: Bloomberg, The Financial Times, The New York Daily News, The New York Times, Reuters
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