The Real Deal Miami

Madoff pal Picower dead at 67

October 26, 2009 11:38AM

Jeffry Picower, an investor with and friend of Ponzi schemer Bernard Madoff, was found dead in his swimming pool in Palm Beach. Picower, 67, was one of the winners in Madoff’s massive fraud, racking up $7 billion in profits from the investment scam. The Picowers routinely received exceedingly high rates of returns on their investments, sometimes as high as 950 percent, said attorneys representing Madoff fraud victims. They said Picower, a lawyer, CPA and medical entrepreneur, often contacted Madoff’s investment house, telling the company how much he should earn. His wife, Barbara, found him at the bottom of the pool Sunday afternoon. He suffered from Parkinson’s disease and reportedly had heart trouble. County property appraisal records put the value of Casa Del Sud, his oceanfront mansion, at $33 million. [Palm Beach Post]