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Tuesday, June 23, 2009

Jeffry Picower: The real con in the Madoff ponzi scheme


$5.1 billion was withdrawn by Picower, over and above what he invested with Madoff. Annual returns in some accounts were sometimes 100%, 500% and 950%.

Total money withdrawn was $6.7 billion!

Within a week of the scandal, the Picower foundation had "closed" and all the records shredded, along with I'm sure, the records of Decisions Incorporated, and the overseas trusts.

Picower has been a con artist for years. He was highlighted on this blog, right when the scandal broke, way back on December 20.

In 2002, Forbes had an article on Picower, titled "Unaccountable." This article needs to be re-read again.

Now, at least the Fed's want some money back, and they are on the right trail.

Year Withdrawals Sum
1995 3 $50,240,000
1996 84 $390,751,188
1997 68 $420,959,554
1998 59 $506,065,516
1999 57 $590,835,236
2000 61 $658,061,313
2001 64 $821,000,950
2002 52 $922,221,107
2003 52 $1,025,301,463
2004 44 $480,151,300
2005 40 $468,316,059
2006 37 $165,025,910
2007 35 $216,450,976
2008 14 $30,685,976
Total 670 $6,746,066,548

Where did Madoff's money go?

Now you know!