Madoff fraud associate is found dead

Monday 26 October 2009 01:53 GMT

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A philanthropist accused of pocketing $7bn (£4.3bn) from the investment scams of his friend Bernard Madoff was found dead yesterday.

Jeffry Picower, 67, was discovered at the bottom of his swimming pool in Palm Beach, Florida, by his wife. Police are investigating.

Mr Picower was a close friend of Madoff, the Wall Street financier who has admitted turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors. In a lawsuit to recover Madoff's assets, Mr Picower was asked to return $7bn.

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