A new organization, the JPB Foundation, is run by Barbara Picower, whose late husband Jeffry benefited the most from Bernie Madoff’s schemes, and has donated $106 million to charities in the last two years. Jeffry Picower was found drowned in his swimming pool shortly after the ponzi scheme scandal broke in 2009. The Picower Foundation, which was established in 1989 and was managed by Bernie Madoff, gave $235 million in charitable donations between 1995-2000.
Irving Picard, a Madoff trustee, filed a lawsuit against the Picower Foundation in 2009, alleging that Jeffry Picower received $7.2 billion in shady deals helped by Madoff. The suit was settled out of court in 2010.
But let’s look on the bright side. JPB has given away a boatload of cash, with its largest recipient, MIT, getting $27 million. The Jarvis Center of Performing Arts, long a favorite Picower charity, was given $123, 000. Planned Parenthood of South Florida got $73, 993, and other recipients included Prime Time Palm Beach, which runs after school programs.
I suppose Robbin’ Hood analogies in order, but we won’t make them.