Jeffrey Picower

Picower Estate to Return $7 Billion Made in Madoff Scam

12/17/2010
JTA

NEW YORK (JTA) -- The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffrey Picower, has agreed to return $7 billion to Madoff’s victims.

The figure is the difference between the amount of cash that Picower, a Jewish investor, put into his account with Madoff and the amount that he withdrew, The New York Times reported. The deal was set to be announced at a news conference on Friday.

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