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Madoff’s friend gives back $7bn
THE MAN assigned to recover money for Madoff’s victims won his biggest settlement yet — an agreement by the estate of longtime Madoff friend Jeffry Picower to return $7.2bn (£4.6bn) from the epic fraud.
The settlement significantly boosts the recovery pot to close to $10bn, capping a weeks-long flurry of settlements and lawsuits around the second anniversary of Bernard Madoff’s arrest and confession to orchestrating what is considered the biggest financial fraud in history.
Picower died of a heart attack in Florida in October 2009.