The estate of Jeffry Picower, the investor who saw 950% returns from Bernard Madoff's massive Ponzi scheme, has agreed to forfeit $7,206,157,717 of Picower's ill-gotten gains and give it back to victims. U.S. Attorney Preet Bharara said, "Today’s truly historic settlement with the estate of Jeffry Picower is a game-changer for Madoff’s victims. By returning every penny of the $7.2 billion her late husband received from BLMIS to help those who have suffered most, Barbara Picower has done the right thing." This is the biggest settlement for Madoff victims thus far. more ›

Expect to hear a bit more about Bernie Madoff this week. Under federal bankruptcy law Irving Picard, the trustee in charge of tracking down Madoff's many missing assets, has two years from the initial bankruptcy filing to file claims for recovery. Since Madoff's filing date is considered December 11, 2008, that means we should have a busy few days ahead of us. In the past week Picard has already sued JPMorgan for $6.4 billion, UBS for $2 billion and, yesterday, HSBC for another $9 billion bringing the total he is claiming on behalf of victims to more than $32 billion (including the 19 suits he's already filed). more ›

The estate of Bernard Madoff friend and investor Jeffry Picower has reportedly come to an agreement with the trustee dissolving the Madoff's assets. The British Times reports that Judge Burton Lifland said in a court order, "The trustee indicates that he is on the verge of a settlement with the Picower defendants that promises to achieve a substantial, multibillion-dollar sum for distribution to Madoff victims." Picower, who was found dead in his Palm Beach pool last fall, was being sued for $7 billion in clawbacks—he allegedly saw up to 950% returns from Madoff's Ponzi scheme. It's believed the settlement amount is at least $2 billion, which would more than double the $1.5 billion that Madoff trustee Irving Picard has located. more ›

The Palm Beach medical examiner's office says that Jeffry Picower, who allegedly took in $7 billion from friend Bernard Madoff's Ponzi scheme, died by a drowning that was caused by a massive heart attack. ABC News reports, "[Dr. Michael] Bell told ABC News that the toxicology results will take ten weeks and if there is anything found that could have contributed to Picower's death he will amend the death certificate." more ›

Jeffry Picower, the friend of Bernard Madoff who allegedly saw up to a 950% return on his investments with the Ponzi schemer and was being sued for $7 billions in clawbacks, was found dead in his Palm Beach home. The AP reports, "The Palm Beach Police Department said Picower was found at the bottom of his Palm Beach home's pool Sunday afternoon by his wife and could not be revived by Palm Beach fire rescue workers." more ›