Guy Who Made More Than $7 Billion Off Madoff Found At Bottom Of Pool

Jeffry Picower, the only Madoff investor to wind up on the Forbes list of the 400 richest Americans, was found dead at the bottom of his pool Sunday, says the AP. He is accused of making more than $7 billion off of Madoff’s ponzi scheme.

An autopsy is scheduled for today in Palm Beach County. Picower was #371 on the 2009 Forbes list. It was his debut.

From the AP:

Some victims of Madoff’s vast Ponzi scheme say Picower was the fraud’s biggest beneficiary. In a lawsuit to recover assets, trustee Irving Picard demands he return the allegedly bogus profits.

UPDATE: The word from Palm Beach County is heart attack.

Autopsy set for dead Madoff associate in Florida [AP]
(Photo:C. Barr)

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  1. The Ghost of SirNotAppearing says:

    Seems like he was in a bit over his head.

  2. Notsewfast says:

    I heard all of his assets were underwater…

  3. Evil Otto - sleep deprived ftl says:

    Things that make you go.. Hmmm…..

  4. FatLynn says:

    Sounds like a suicide.

  5. angryneo says:

    You would think he would make a raft out of money.

  6. JGKojak says:

    Kind of like the CEO of Enron offing himself before he could be forced to testify shady things about his ties to Bush… things that make you go hmmmm….

  7. ohnoes says:

    See, filling a swimming pool with money is a bad idea, no matter what the cartoons show you.

  8. Skaperen says:

    It’s way too likely a suicide. He was being sued by the bankruptcy trustee to take back (most of) the money he made from Madoff. You don’t get money like this back very easily without a LOT of pain on the person who has it.

    And yes, the bankruptcy court does have the legal power to take back money going back a certain amount of time, which is longer when a crime is involved as compared to a shorter time for otherwise legitimate payments.

    • lincolnparadox says:

      @Skaperen: You’re probably right. Anything liquid is going to be hidden or already invested. So, the court would start carving up his home, holdings and belongings, until they reached $7 million.

      *looks up*

      Oh, $7 BILLION. Oh. Yeah, unless it’s hidden in Pago Pago, he’s losing everything he has.

    • DH405 says:

      @Skaperen: Maybe he could have done the smart thing and invested as much as he could in one house in Florida and then clung to that property. In Florida, it’s damned near impossible to seize your house, even if it’s the result of criminal enterprise.

  9. easy2panic says:

    Did he know Madoff was doing illegal things? Then yes, he should give the money back. If he did not know his money was being used illegally, he should keep the money. That is unfair, but if you want everyone to be equal, go to a communist country where everyone is equal(ly poor).

    • bitslammer says:

      @easy2panic: So if someone come in your house and steals all of your stuff, and I buy it from them at a flea market, then it’s just OK for me to kkep it??

      HELLLOOOOO..have you ever heard of receiving stolen property?

      Whether he knew it or not it goes back to rightful owners if it was gained illegally.

    • Trai_Dep says:

      @easy2panic: It’s widely known that “Bernie’s Thing” was doing something to get those unreal rates. Those in on it thought that Bernie was ripping OTHER people off, rather than themselves.
      Boy, THAT must suck.

    • VeeKaChu says:

      @easy2panic:I wish I could find the article again, but back in March or so I read a fascinating account of the relationship between Madoff’s and Picower’s operations.

      The salient point the article made was that Picower’s firm could and did dictate the rate of return they wanted from Madoff Securities on any given day. It was a total sweetheart relationship, as evidence by the billions sluiced off to Picower over many years. And while Picower benefited more than any of Madoff’s other clients, it’s highly unlikely that he was the only one that was in on the game.

    • chao says:

      @easy2panic: “Did he know Madoff was doing illegal things? Then yes, he should give the money back. If he did not know his money was being used illegally, he should keep the money. That is unfair, but if you want everyone to be equal, go to a communist country where everyone is equal(ly poor).”

      Yes, he knew. But receiving stolen goods is illegal, even in capitalist nations.

      • Taelech says:

        @chao: Not if the goods were bought in good faith from a vendor of those types of goods (read, not a pawn shop) Good faith purchaser can recieve title, then it is the seller who must pay back the original owner.

        • chao says:

          @Taelech: “@chao: Not if the goods were bought in good faith from a vendor of those types of goods (read, not a pawn shop) Good faith purchaser can recieve title, then it is the seller who must pay back the original owner.”

          Ponzi schemes are not ever treated as good faith.

  10. Blueskylaw says:

    Is that the swimming pool where the tiles were imported from Pompeii?

  11. TheRedSeven says:

    I’ve apparently seen one-too-many previews for “The Men Who Stare at Goats.”

    I read the sentence, “An autopsy is scheduled for today in Palm Beach County,” as ‘an Auto-Psy is scheduled…’

    It took me at least two minutes to stop wondering why they were bringing in a psychic to help figure out if this was a homicide or not.

  12. Chumas says:

    I cannot say I feel badly for the bastard, and that this has not happened sooner. Somewhere in the legion of people swindled by Madoff and his cronies are those with whom should not have been fucked with.

    This man may be a singular example of what we can expect in the weeks to come as more companies use tactics Caligula would find repugnant.

    May your fat crackle in the pits of hell for eternity, you son of a bitch.

  13. JasonR says:

    Could be muckduck.

  14. ExtraCelestial says:

    This is totally a CSI episode. The perp is whoever they ruled out in the first 5 minutes.

    I love that 7 BILLION dollars only puts you at number 371.

  15. ucdcsteve says:

    A better picture for the story would be the Nirvana album cover with the submerged baby chasing the dollar bill.

    Symbolism!

  16. RichasB says:

    Sounds like that suicide from up in new york where that one guy stabbed and shot himself three times in the back. I say there was no funny business here either, so no more investigating, capice?

  17. cmdrsass says:

    Don’t hang on, nothing lasts forever but the earth and sky
    It slips away, and all your money won’t another minute buy.

  18. savvy999 says:

    better dead than poor? alrighty then. you go ahead with that.

  19. parkj238 says:

    Drowning is a weird way to commit suicide. He was a beneficiary of the $7 billion of profits..I would think there are thousands of people who had motive to seek revenge.

  20. TheOrtega says:

    Looks like even money couldn’t keep this guy afloat ::Puts on glasses:: YEAHHHHHHHHHHHHHHHH!

    I’m sure someone took care of this guy, it’s a little too weird for him to just drown.

  21. lincolnparadox says:

    Actually, this is looking a lot more like suicide. This guy was only worth $1 billion dollars. He and his wife ran a charitable foundation (which is going bye-bye).

    He doesn’t seem like a POS. He seems like every other rich guy who worked with Madoff. Only this one gave millions to charity.

    [www.npr.org]

  22. H3ion says:

    I think I’ll wait for the toxicology report or at least the autopsy. Suicide by drowning is pretty tough. It could be that someone wanted this guy to sleep with the fishes and thought the pool was a fish tank.

  23. JollyJumjuck says:

    Pfft. It’s like that German guy who stepped in front of the train and committed suicide when he found out he made bad deals and lost a bunch of money. Even then he still had more money than many of us.
    Boo fucking hoo. I have *no* sympathy for “victims” of this type of suicide. Aww, you can’t handle living like a regular person, or even like a moderately rich person? People throughout history have crashed financially and then made it back on top, or at least to a reasonable financial level.
    If a person commits suicide, I can understand if they have problems for years and years. Live in poverty for years, have girlfriend/boyfriend/marital issues constantly, be infirm and unable to do anything for yourself, this I can understand. But to commit suicide just for losing most of your fortune when you’ve been living the high life for years? Good riddance to this kind of parasite on human society, that’s what I say.

  24. banmojo says:

    reminds me of the parable Jesus taught about the rich man who worries and frets about his riches, only to die that night in bed and leave all his assets to … others. there is only one way to win in this finite race we run, and it is NOT by gathering up pathetically temporary assets.

  25. StarVapor says:

    Soooo!….Everybody out there that feels even a tinge of sadness about this, please raise your hands…..oookay…….that’s what I thought too.

  26. TechnoDestructo says:

    A good start.