Madoff Client Made $5 Billion

LUCKY

Updated Apr. 25, 2017 2:54PM EDT / Published Jun. 23, 2009 1:50PM EDT

All we ever hear about are the thousands of investors swindled out of their money by Bernard Madoff. But what about the lucky few who profited from the biggest Ponzi scheme in history? Between 1995 and 2008, Jeffry Picower withdrew $5.1 billion from Madoff accounts, ProPublica reports. Picower likely received extra attention from Madoff, as he was one of the Ponzi-schemer's top investors. Now, Irving Picard, the appointed trustee in charge of recovering money for Madoff's victims, is investigating whether Picower was aware of the crime. Yet ProPublica was unable to uncover evidence of Picower's immense fortune; none of his assets come close to $5 billion. Picower, described as a "tax-shelter expert," had no comment on the mystery.

Read it at ProPublica

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Madoff Client Made $5 Billion