Word: madoff
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Before Bernie Madoff admitted to running a massive Ponzi scheme, Jeffry Picower was known for being a philanthropist. With about $1 billion in assets, the Picower Foundation, which he started with his wife Barbara, supported causes like neuroscience research at MIT and public education in Florida. The largesse seemed a fitting testament to the Bronx, N.Y., native's ascent from accountant and lawyer to billionaire investor and buyout artist...
Then came Madoff's swindle. Irving Picard, a court-appointed trustee, was charged with recovering the missing money, and Picower, a longtime Madoff friend who reportedly withdrew $7.2 billion over 20 years--including some $5 billion in fake profits--headlined the list of targets. Picard held that an investor of Picower's sophistication had to know something was amiss when his yearly returns went as high as 950%, and he accused Picower of helping Madoff perpetuate the scheme. Picower denied the allegations. His foundation, its endowment crippled, closed up shop...
...found him at the bottom of the pool at their Palm Beach, Fla., home on Oct. 25, speculation about what had happened ran wild. But the county medical examiner quickly ruled that Picower had drowned after suffering a heart attack. His death may ensure that this chapter of the Madoff affair will remain veiled in mystery...
Still, as much as issues like questionably advertised auctions and life-settlement deals may vex Madoff victims, going after such bottom feeders is low on their list of priorities. The auction ads "are a sad commentary," says Ronnie Sue Ambrosino, a Madoff victims' group leader in Arizona. "But we have much bigger fish...
Critics say the auctions are another example of a "marketing to Madoff victims" campaign by industries ranging from life insurance to real estate. A common agenda item for Madoff-victim groups, say their leaders, is the relentless mailings for offers like life settlement or selling a life-insurance policy to a third party for a profit. (See TIME's Wall Street covers...