It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Picower and his wife started the Picower Foundation in 1989, which has given millions to the Massachusetts Institute of Technology, Human Rights First and the New York Public Library. It also funded diabetes research at Harvard Medical School.
The foundation, whose assets were managed by Madoff, said in its 2007 tax return its investment portfolio was valued at nearly $1 billion.
After the Madoff scandal broke in December, the Picower foundation said it would have to cease grant-making and would be forced to close.
But the trustee's lawyer said Picower's claims that he was a victim "ring hollow" because he withdrew more of other investors' money than anyone else during three decades and should have noticed signs of fraud.
According to the lawyers, Picower's accounts were "riddled with blatant and obvious fraud," and he should have recognized that because he was a sophisticated investor. Picower had asked that the lawsuit be dismissed, saying it was unsupported by the facts. - Brian Skoloff, Associated Press Writer
In 1999, the Picowers received a 950-percent profit from the Ponzi-scheme investments, according to a $5 billion lawsuit by the trustee overseeing liquidation of Madoff’s companies, Irving Picard. Picard is seeking $6.7 billion back from the Pickowers to help repay Madoff victims. - Julie Kay, New York Post
In 1999, for example, one of Mr. Picower’s accounts posted an annual profit of more than 950 percent, the suit said. That account was one of two that reported annual returns from 1996 to 1999 ranging from 120 percent to more than 550 percent, the suit said. - Diana B. Henriques and Zachery Kouwe, The New York Times
Picower has been listed by Forbes magazine as one of the top 400 richest people in the United States for 2009; it is his first time on the list. - Wikipedia on Jeffry Picower, October 26, 2009
Originally posted by hadriana
Didn't webbot say that big financial players would start to disappear?
Picower suffered from Parkinson's disease and had "heart-related issues," said family attorney William D. Zabel. He described Picower's health as "poor." - Brian Skoloff, Associated Press