When Madoff associate Jeffrey Picower drowned in the pool of his Palm Beach mansion last year, questions were swirling about whether the seasoned investor, who had withdrawn $7 billion from his Madoff account, knew his pal was running a Ponzi scheme. That’s all water under the bridge now that his widow, Barbara, has given up every cent to the Madoff Customer Fund, Madoff trustee Irving Picard said in a statement today. “When we filed suit against Mr. Picower and others in the spring of 2009, the records available led us to allege that Mr. Picower might have or should have known of Mr. Madoff’s fraud,” he said. “With the benefit of additional records, I have determined that there is no basis to pursue the complaint against Mr. Picower, and we have arrived at a business solution instead.”
$7.2 BILLION RECOVERY AGREEMENT WITH ESTATE OF JEFFRY PICOWER AND PICOWER-RELATED INVESTOR [Madoff Trustee Website]
