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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Madoff associate Picower found dead: police AFP - Monday, October 26 Send IM Story Print New York swindler Bernard Madoff, pictured in March 2009. Florida investor and philanthropist Jeffry Picower, a Madoff associate accused of making billions of dollars in the Madoff investment scandal, was found dead Sunday in his Palm Beach swimming pool, police said. MIAMI (AFP) - – Florida investor and philanthropist Jeffry Picower, accused of making billions of dollars in his friend Bernard Madoff's fraud scheme, died after he was found at the bottom of his swimming pool, police said. Picower's wife discovered her husband at the bottom of the pool in their Palm Beach mansion and called police. Picower, 67, was rushed to hospital where he was pronounced dead. "As standard operating procedure in any drowning, the Palm Beach Police Department is conducting an investigation into Mr. Picower's death," police said in a statement. Detectives remained on the scene hours after the death, they added. The court-appointed trustee tracking down Madoff's missing billions has sued Picower to recoup part of the 6.7 billion dollars he and his associates were said to have withdrawn from the scheme orchestrated by Madoff, whom court papers said was a friend and associate of Picower for more than 20 years. "The trustee's investigation to date has revealed that at least five billion dollars of this amount was fictitious profit from the Ponzi scheme," according to the documents filed in May to the US bankruptcy court in Manhattan. Picower, a former lawyer and accountant who reportedly once came under scrutiny by the Internal Revenue Service for his work with suspicious tax shelters, was accused of knowingly profiting from the Madoff fraud which brought "implausibly high rates of return," according to the filings. Picower's annual return rates often topped 100 percent, with one account in 1999 yielding a return of 950 percent, the documents said. In the filings, trustee Irving Picard said Picower enjoyed "an unusually close relationship with Madoff" and was given special access to information and dealings of Madoff's investment company. Former Nasdaq chairman Madoff, 71, is serving a 150-year sentence for a fraud estimated at 64.8 billion dollars that cheated thousands of people and institutions, including celebrities, charities and leading banks, over several decades. Picower and his wife were founders and directors of the Picower Foundation, which gave millions of dollars to several causes over two decades, including the New York Public Library. It donated 50 million dollars to the Massachusetts Institute of Technology in 2002, with the funds earmarked for brain and cognitive research. The gift led to the establishment of the Picower Institute for Learning and Memory at MIT. The foundation was forced to close its doors earlier this year following severe losses related to the Madoff scheme. Recommend Send IM Story Print News Search Top Stories Sean Penn arrives in Cuba to interview Fidel Castro Iraqi security on high alert after day of carnage Madoff associate Picower found dead: police IMF demands Ukraine veto new wage, pension law Thousands eat breakfast on Sydney Harbour Bridge More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama declares swine flu emergency Recession or not? US economy likely to be in limbo Europe swine flu spreads, 'millions' infected in US Thousands eat breakfast on Sydney Harbour Bridge New German government to slash taxes More Most Viewed » Boyzone singer Gately dies in Spain Mobile phone giant Nokia sues Apple over patents More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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