Jeff Picower: Madoff Investor in the Line of Fire

by Jordan Yerman | October 1, 2009 at 10:14 am

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A trustee for the victims of Bernie Madoff's Ponzi scheme has recalculated the profits made by investor Jeff Picower to have reached $7.2 billion. The court filing is asking for that money ($7,200,000,000) to be returned to the victims of the massive fraud.

As the assets seized only total $1 billion so far, the trustee is looking to Bernie Madoff's family and also at investors in his scheme who have profited from the Ponzi scheme.

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The trustee, Irving Picard, also said he recently recalculated how much investors collectively lost, putting the number at about $18 billion. And he announced that he will go after the assets of certain relatives of Mr. Madoff who worked at the firm.

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