Lawyer: Death complicates Madoff investment case:
The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said.
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But the trustee's lawyer said Picower's claims that he was a victim "ring hollow" because he withdrew more of other investors' money than anyone else during three decades and should have noticed signs of fraud.
According to the lawyers, Picower's accounts were "riddled with blatant and obvious fraud," and he should have recognized that because he was a sophisticated investor.
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