Picower Bequeathed Billions to Charity

Jeffry Picower, who made billions of dollars through Bernie Madoff's Ponzi scheme, left most of his $7 billion fortune to a variety of charities, including MIT, the New York Public Library, and the Harlem Children's Zone. But his money—withdrawn over the last few decades from his accounts with the fraudulent investment manager—is still the subject of legal wrangling, with Madoff trustee Irving Picard suing Picower's estate, claiming victims of the Ponzi scheme are entitled to all $7 billion. Picower family lawyer William Zabel indicated that the family would be open to paying more than the $2.4 billion they claim to be required to pay by law, but still wants to ensure that Picower's charitable bequests are disbursed.