Money Earned by Madoff Investor Be Returned
Jeffrey M. Picower earned more than $7 billion from the fraud made by the financial manager, Bernard Madoff, as the long time investor of this Ponzi scheme that was being caught on December 2008.
After his death, his wife vowed to return the money to the victims. Mr. Picower died by drowning at their Palm Beach home’s swimming pool after suffering heart attack in October 2009 while swimming on the pool.
But, the $7.2 billion that will be returned by Barbara Picower to the Madoff’s victims are not enough for the victim to get the full money they give to Madoff. However, if combined with the other settlement for the Madoff’s victim, they will get more than half of their money.
The Bernard Madoff’s Ponzi scam is the largest ever, wherein tens of billions of dollars are involved from thousands of investors.
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