The United States Attorney in New York announced the largest recovery of fraud assets in American history. This is based on an agreement between Mrs. Barbara Picower's husbands estate and the U.S. Attorney's Office and the Trustee of the Madoff Fund fraud. . Mr.Jeffry Pickower was found dead from a heart attack in his swimming pool in Palm Beach. Florida, October 2009. He was the largest beneficiary of the Madoff fraud.Mrs. Pickower states;" we'll return every penny received from almost 35 years of investing with Bernard Madoff." She expects that the settlement will help the victims who are suffering from the Madoff Ponzi scheme.
The second highest settlement is from the accounts of Carl Shapiro, a Massachusetts business man for the sum of $625 million, as announced earlier this month from Trustee Irving Picard, who is recovering the asset on behalf of the victims. The Pickower settlement and the Shapiro recovery gives the victims some hope of recovery. Some are skeptical, others are very pleased.
The Picower $7 billion were the returns on investment from the Madoff fund over the 35 years. In fact it was stolen money from other investors buying into the Madoff Fund. While Picower's attorney claims that he did not participate or know of the scheme, the Trustee Picard indicates that he knew he was getting a high returns on his investment. Picower's will indicated that he had donated most of his assets to be disbursed to charities.
Madoff's clients thought that based on the fraudulent account statements, thought that they had more than $60 billion invested in stocks with Madoff. Investigators found that there were no investments discovered. $20 billion was used paid out to new investors. This kept the scheme going.
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