Wednesday, 1 October 2014
Last updated 4 hours ago
Oct 26 2009 | 12:48pm ET
Jeffry Picower, said to be the largest individual beneficiary of Bernard Madoff’s Ponzi scheme, was found dead yesterday in his Palm Beach, Fla., pool.
Picower, who allegedly withdrew more than $7.2 billion from his accounts with Bernard L. Madoff Investment Securities over the past two decades, was found at the bottom of the pool by his wife, Barbara, who runs his charitable foundation. He was rushed to a nearby hospital and pronounced dead about an hour and a half later; an autopsy is being performed today to determine the cause of death.
Picower was the single-largest beneficiary of Madoff’s fraud, the court-appointed receiver in the case claims. Irving Picard said Picower withdrew about $5 billion in fake profits, including $2.4 billion over the past six years. Picower, a longtime friend of Madoff’s, has claimed he was duped by the fraudster, who is serving a 150-year prison term for his crimes.
According to Picard, Picower’s accounts “were riddled with blatant and obvious fraud.” The philanthropist earned “returns” of between 300% and 950% per year on his Madoff investments. What’s more, prosecutors had reportedly found evidence that Picower actually told Madoff how much he wanted in returns, requests Madoff filled. No charges had been filed against Picower at the time of his death.
Picard said today that the lawsuit against Picower and the Picower Foundation would continue.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...