Bernie Madoff Associate Found Dead in his Swimming Pool

PALM BEACH, Florida - Jeffry Picower, 67, a New York lawyer who allegedly made off with $5 billion from Bernie Madoff's ponzi scam, was found dead Sunday afternoon in his Florida swimming pool. Police said his wife, Barbara, found him drifting at the bottom of the pool after he had been swimming earlier. He was said to have drowned.

A lawsuit filed in June by the trustee trying to recover money for Madoff's victims said Picower withdrew $5 billion more than he invested with Madoff. The withdrawals were made over a twenty year period and far exceeded the profits anyone, including Madoff, made from the scam.

He donated some of the money to charity. According to tax forms reviewed by journalists at ProPublica, Picower took out $291 million for his foundation. ProPublica reported that it was unclear where the alleged $5 billion went.

Trustee Irving Picard alleges Picower had private accounts with Madoff that generated such impossibly massive profits that he had to have known it was a scam.

Picower enjoyed annual returns of 100% on his Madoff investments. Some years it went to 550%. One account earned 950% in 1999.