Jeffry Picower Dead: Madoff Friend Found At Bottom Of Pool

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.

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