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27 Oct, 2009 11:41

American billionaire’s death – more fallout from Madoff scandal?

The death of American billionaire Jeffry Picower, an associate of jailed fraudster Bernard Madoff, could affect the recovery of $65 billion used in the largest ponzi scheme in history.

Picower was found dead at the bottom of his swimming pool in Palm Beach.

Business analyst Allan Dodds Frank says the consequences could be far-reaching.

“The bankruptcy trusty alleges that Mr. Picower, in his foundations and various corporations, received more than a third of the money that’s missing from the Madoff’ scandal, and they’re reckoning that’s more than $20 billion,” he told RT.

Mr. Picower gained $72 billion over the years in terms of how much money he got back from Madoff which exceeded the amount of money he invested, Frank noted.

“But since Bernie Madoff is not really cooperating and is in prison for 152 years,” Madoff and Picower may be “the only two people who know what happened to that money, although surely there’s some kind of paper trail and many of the deposits from around the world,” Frank speculated.

“Why would Bernie Madoff, who’s scammed thousands and thousands of investors, allow one guy to get away with seventy billion dollars more than he put in as an investor? That is a huge question, and we’re talking about a whole lot of money that would put you, say, in the top 50 in say the Forbes 400 List,” the commentator concluded.