"Philanthropist got $1b in fake profit, Madoff trustee says" by Beth Healy, Globe Staff | December 2, 2009
The trustee in the Bernard Madoff case is accusing Boston philanthropist Carl Shapiro and his family foundation of reaping $1 billion in fictitious profits from investments over 40 years, calling the Shapiros among the “largest beneficiaries’’ of Madoff’s Ponzi scheme.
Related: Looting Jew Gets Tax Rebate
The trustee, Irving Picard, made the allegations in a court filing last week, after months of private negotiations between his office and lawyers for the 96-year-old Shapiro broke down....
Picard has already gone after other Madoff clients who he claims withdrew more money from their accounts than they really had. The largest target so far has been Jeffry Picower, the philanthropist who Picard alleged withdrew $7.2 billion from Madoff accounts. Picower died of a heart attack in his swimming pool in October....
That's strange, huh?
Related: Picower's Dip in the Pool
In August, according to documents filed in court, the two sides started discussing when Carl Shapiro would be deposed. Weeks later, Shapiro’s health worsened, according to his lawyer. An Oct. 26 letter from Shapiro’s cardiologist at Brigham and Women’s Hospital said Shapiro is suffering from heart trouble and numerous other medical issues and describes a man weakened by the Madoff affair.
“The events of the last several months, combined with his multitude of medical problems, have caused a clear cut decline in his state of wellbeing and robustness. He is now fragile and, for the first time since I have known him, less confident of the future,’’ wrote the cardiologist, Kenneth L. Baughman.
He warned the lawyers that he can’t be certain how long Shapiro will live and urged them to complete their discussions about Madoff “in an expedited fashion.’’
(Baughman, 63, was killed by a car while jogging in Orlando, Fla., on Nov. 16.)
Wow, now THAT IS STRANGE!!!!
Also see: The Madoff Cover-Up Begins
Reason Number Two Why No One Reads the Boston Globe Anymore
Slow Saturday Special: Madoff's Little Helpers
