Beneficiary of Madoff Scheme Dies; Leaves Millions to Family

Jeffry Picower was listed as one of Forbes 400 wealthiest Americans and was also involved with Bernard Madoff. 

• Picower died of a heart attack last month. 
• Picower’s will left $200 million to his wife, $25 million to his daughter, and $10 million to his assistant. 
• Called the biggest beneficiary of Madoff’s ponzi scheme, he was sued for $7.2 billion by the bankruptcy trustee handling the aftermath of Madoff’s scandal.
• Prior to his death, Picower was trying to reach a settlement with the Madoff bankruptcy trustee, efforts that will likely continue with the executor of Picower’s estate.

For more information, see Reuters, Madoff friend Picower leaves $200 million to wife, Nov. 10, 2009. 

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.