Madoff associate had heart attack and drowned, authorities say

WEST PALM BEACH, Fla. -- A man 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 yesterday.

Jeffry Picower, 67, 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 yesterday 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, Bell said. 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."

Police had been investigating the death, pending the autopsy results. They now say the case is closed.

"Right now, that's it for us," said Janet Kinsella, a spokeswoman for the Palm Beach Police Department.

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 that Picower return more than $7 billion in bogus profits. Picard has said the litigation could continue.

Picower suffered from Parkinson's disease and had heart-related issues, said family attorney William D. Zabel. He described Picower's health as "poor."

Picower's home and property is worth more than $33 million, according to the county records. He was No. 371 on the 2009 Forbes 400 list of the wealthiest Americans, with a net worth of $1 billion.

Picower and his wife started the Picower Foundation in 1989, which has donated millions of dollars. But after the Madoff scandal broke in December, the foundation, whose assets were managed by Madoff, said it would be forced to close.