Madoff Associate and Penn State Grad Dies
Over the weekend, Jeffry Picower, 67, was found at the bottom of his mansion pool in West Palm Beach Florida by his wife, Barbara. She and her house keeper were able to pull the man accused of making more than $7 billion off of the infamous Madoff ponzi schemes from the water and get him to the hospital where he died shortly thereafter. Monday’s autopsy report revealed Picower suffered a heart attack before drowning. Toxicology reports pending, the Palm Beach Police Department has closed the case and suspects no news.
Picower is said to have been the biggest beneficiary of Madoff’s schemes. He had asked that the lawsuit against him be dismissed, citing lack of evidence. Some have speculated his recent death may mean trouble for those trying to recover their lost money. A New York City couple who lost $2.5 million to Madoff expressed no remorse for Picower or his family: “I don’t have any emotions about this guy. I think he’s a crook but there’s so many crooks involved,” Judith Welling said. But, as Picower’s attorney said, “Only time will tell whether [he] was a victim or a villain.”
So why does this man’s death make it news at Onward State? Jeffry Picower is a Nittany Lion; he graduated from Penn State University in 1963. Picower’s success is a testament to what Happy Valley graduates are capable of – he was a self-made millionaire, created a charity, and attended top universities. However, it seems in the end Picower may have forgotten the words of his alma mater: “May no act of ours bring shame.” His association with Madoff (whether or not he himself did anything wrong) was a poor choice, and will forever affect his reputation and that of his school. Maybe he should have paid a little more attention to Stall Stories.
[Photo courtesy of www.chron.com]