Spitfire15 Posted October 27, 2009 Share Posted October 27, 2009 http://apnews.myway.com//article/20091027/D9BJ4TI81.html WEST PALM BEACH, Fla. (AP) - A man accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff drowned after having a heart attack, authorities said Monday. Jeffry Picower, 67, was found around noon Sunday by his wife, Barbara, at the bottom of a pool at their oceanside mansion. "He's at the bottom of the pool. It's too deep. I can't get him out," she cried hysterically on the 911 call. "He must have collapsed ... I can't get him out ... I don't know how long he's been there." She eventually pulled him from the water with help from a housekeeper. He died a short time later at a nearby hospital. An autopsy conducted Monday found he suffered a heart attack and drowned, said Dr. Michael Bell, chief medical examiner for Palm Beach County. The death has been ruled accidental, and the heart attack was brought on by heart disease. Toxicology tests are pending. "Obviously, we won't have results for a couple of weeks but we don't anticipate them showing anything," Bell said. "If they do and it shows something unusual, we will amend the death certificate to reflect that." Police had been investigating the death, pending the autopsy results. They now say the case is closed. "Right now, that's it for us," said Janet Kinsella, a spokeswoman for the Palm Beach Police Department. Picower had been accused by Madoff investors of being the biggest beneficiary of Madoff's schemes. In a lawsuit to recover Madoff's assets, trustee Irving Picard demanded Picower return more than $7 billion in bogus profits. Picard has said the litigation would continue. Picower suffered from Parkinson's disease and had "heart-related issues," said family attorney William D. Zabel. He described Picower's health as "poor." Picower's home and property is worth more than $33 million, according to the county records. He was No. 371 on the 2009 Forbes 400 list of the wealthiest Americans, with a net worth of $1 billion. Picower and his wife started the Picower Foundation in 1989, which has donated millions of dollars. But after the Madoff scandal broke in December, the Picower foundation, whose assets were managed by Madoff, said it would be forced to close. Picower had asked that the lawsuit against him be dismissed, saying it was unsupported by the facts. Judith Welling, 72, and her husband, DeWitt Baker, 85, of New York City, said they lost $2.5 million to Madoff. Welling simply expressed disgust at Picower's death. "I don't have any emotions about this guy. I think he's a crook but there's so many crooks involved," she said. Steven R. Schlesinger, a New York lawyer who represents about 25 Madoff investors, called his death "another tragedy in a string of tragedies surrounding Madoff." "Only time will tell whether Jeffry Picower was a victim or a villain," Schlesinger said Monday. While some speculated his death could make it more difficult for suing investors to recoup their money, at least one attorney called it "a minor hiccup in the litigation against him." "I think it's a tragic event," said Peter Shapiro, a Florida attorney whose firm represents several Madoff investors. "Ultimately, the litigation against his estate will go forward and investors will watch closely on the bankruptcy trustee's efforts with the expectation that there will be a recovery for their benefit." Madoff is serving a 150-year prison sentence after he admitted losing billions of dollars for thousands of clients over a half-century career that saw him rise to be a Nasdaq chairman. Madoff's attorney, Ira Sorkin, did not respond to a request for comment. Link to comment Share on other sites More sharing options...
TheoHuxtable.. Posted October 27, 2009 Share Posted October 27, 2009 Link to comment Share on other sites More sharing options...
OL'DIRTYGeEEZER Posted October 27, 2009 Share Posted October 27, 2009 is this a morally appropriate time to say.. HE PROBABLY DESERVED IT. Link to comment Share on other sites More sharing options...
Spitfire15 Posted October 27, 2009 Author Share Posted October 27, 2009 He totally deserved it. Link to comment Share on other sites More sharing options...
Eaten By Wolves Posted October 27, 2009 Share Posted October 27, 2009 Nice. Link to comment Share on other sites More sharing options...
Ski Mask Posted October 27, 2009 Share Posted October 27, 2009 karma my ass. he was 67. 10-20 years in jail would have sucked more than an easy out like this. he got off easy. Link to comment Share on other sites More sharing options...
HATER. Posted October 27, 2009 Share Posted October 27, 2009 real hustlers Link to comment Share on other sites More sharing options...
remainunderated Posted October 27, 2009 Share Posted October 27, 2009 Link to comment Share on other sites More sharing options...
famecrazy Posted October 27, 2009 Share Posted October 27, 2009 I would have done it if I had the chance. Get rich or die swimming. Link to comment Share on other sites More sharing options...
I never said I was cool. Posted October 27, 2009 Share Posted October 27, 2009 Am I supposed to feel bad that a millionare drowned in his over sized pool? Link to comment Share on other sites More sharing options...
CELT Posted October 27, 2009 Share Posted October 27, 2009 Drain the pool then skate it . Link to comment Share on other sites More sharing options...
the radiologist Posted October 27, 2009 Share Posted October 27, 2009 Link to comment Share on other sites More sharing options...
micheal rapaport Posted October 27, 2009 Share Posted October 27, 2009 I would have done it if I had the chance. Get rich or die swimming. ^^^^this^^^^^ :lol: :lol: :lol: Link to comment Share on other sites More sharing options...
slept_on Posted October 27, 2009 Share Posted October 27, 2009 it wouldnt surprise me to find out someone drowned his ass, that ponzi shit has a lot of people heated Link to comment Share on other sites More sharing options...
wisetuxedo Posted October 27, 2009 Share Posted October 27, 2009 Link to comment Share on other sites More sharing options...
john_gacy Posted October 27, 2009 Share Posted October 27, 2009 http://apnews.myway.com//article/20091027/D9BJ4TI81.htmlHe died a short time later at a nearby hospital. Sounds like dude was pretty dead already. Link to comment Share on other sites More sharing options...
Abstract Rationality Posted October 27, 2009 Share Posted October 27, 2009 I would have done it if I had the chance. Get rich and die swimming. corrected. Link to comment Share on other sites More sharing options...
SwampFightOner Posted October 27, 2009 Share Posted October 27, 2009 real hustlers This Link to comment Share on other sites More sharing options...
IOU Posted October 27, 2009 Share Posted October 27, 2009 I'd rather die hustling BILLIONS, than keep it real dying for nickels and dimes on the block. Link to comment Share on other sites More sharing options...
EastHastings Posted October 27, 2009 Share Posted October 27, 2009 bump KARMA86 Link to comment Share on other sites More sharing options...
Ferris Bueller Posted October 27, 2009 Share Posted October 27, 2009 Either you're profiting from people's addicitions, or from people's financial irresponsibility. These guys stepped the game up. Pretty soon there will be white collar criminal rappers. Project Pat will change his name to Ponzi Pat. Instead of cookin' crack, it'll be cookin' books. He got what was coming to him though. All those nightly steak dinners and cigars got him. Link to comment Share on other sites More sharing options...
SwampFightOner Posted October 27, 2009 Share Posted October 27, 2009 Pretty soon there will be white collar criminal rappers. Project Pat will change his name to Ponzi Pat. Instead of cookin' crack, it'll be cookin' books. :lol: Link to comment Share on other sites More sharing options...
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