Before Bernie Madoff admitted to running a massive Ponzi scheme, Jeffry Picower was known for being a philanthropist. With about $1 billion in assets, the Picower Foundation, which he started with his wife Barbara, supported causes like neuroscience research at MIT and public education in Florida. The largesse seemed a fitting testament to the Bronx, N.Y., native's ascent from accountant and lawyer to billionaire investor and buyout artist.
Then came Madoff's swindle. Irving Picard, a court-appointed trustee, was charged with recovering the missing money, and Picower, a longtime Madoff friend who reportedly withdrew $7.2 billion over 20 years--including some $5 billion...
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