Trustee Irving Picard, who has so far recovered approximately $1.4 billion related to the Bernie Madoff scandal, will continue with the litigation of Jeffry Picower despite his death, CNBC has learned.
Picard said expects to recover $1.5 billion by year-end, and he placed Madoff's customer losses at $21.2 billion currently.
Picower, who had been accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff drowned after having a heart attack, authorities said Monday.
The sixty-seven year-old Picower was found at about noon Sunday by his wife, Barbara, at the bottom of a pool at their oceanside mansion. She pulled him from the water with help from a housekeeper. He died a short time later at a nearby hospital.
An autopsy conducted Monday found he suffered a heart attack and drowned, said Dr. Michael Bell, chief medical examiner for Palm Beach County. The death has been ruled accidental, and the heart attack was brought on by heart disease. Toxicology tests are pending.
"Obviously, we won't have results for a couple of weeks but we don't anticipate them showing anything," Bell said. "If they do and it shows something unusual, we will amend the death certificate to reflect that."
Picower had been accused by Madoff investors of being the biggest beneficiary of Madoff's schemes. In a lawsuit to recover Madoff's assets, trustee Irving Picard demanded Picower return more than $7 billion in bogus profits. Picard has said the litigation could continue.