Madoff investor's estate to give up $7.2 billion
The trustee recovering the money for Madoff's victims settled with the estate of Jeffry Picower, a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.
The agreement, which may be the largest civil forfeiture ever, was detailed in court papers filed Friday in Manhattan.
Court-appointed trustee Irving Picard was among officials who held a news conference to discuss the settlement. Barbara Picower, representing the estate of her late husband, entered into the agreement with the U.S. attorney's office.
U.S. Attorney Preet Bharara called the forfeiture the largest in Justice Department history and a "game changer" for those swindled by Madoff. He commended Picower's widow "for agreeing to turn over this truly staggering sum, which really was always other people's money."
Barbara Picower said in a written statement: "We will return every penny received from almost 35 years of investing with Bernard Madoff.
"I believe the Madoff Ponzi scheme was deplorable and I am deeply saddened by the tragic impact it continues to have on the lives of its victims," she said. "It is my hope that this settlement will ease that suffering."
www.msnbc.msn.com/id/40716871/ns/business-us_business/
Dec. 17, 2010