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Picower estate to return $7 billion made in Madoff scam

URL: http://www.jewishjournal.com/nation/article/picower_estate_to_return_7_billion_made_in_madoff_scam_20101217

The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffry 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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