Picower Estate to Repay Madoff Vicitms

BREAKING NEWS...Barbara Picower, the widow of Jeffry Picower, has agreed to return $7.2 billion to those who were defrauded in the Bernie Madoff Ponzi scheme.

The widow of Jeffry Picower, who was the biggest beneficiary in the Madoff Ponzi scheme, has agreed to return all the "proceeds" collected over 35 years.  The $7.2 billion represents more than a third of the $20 billion in losses from the Madoff crime. 

"We will return every penny received from almost 35 years of investing with Bernard Madoff," Picower said in a statement. "I am deeply saddened by the tragic impact it continues to have on the lives of its victims. It is my hope that this settlement will ease that suffering."

Preet Bharara, US Attorney for the Southern District of New York said that this is the largest forfeiture in  US history.  In a press conference he said, "Barbara Picower today has done the right thing.  I commend Barbara Picower for agreeing to return this staggering sum, which was really always other people's money."

Nearly half of the $20 billion in losses have been recovered including  the Picower forfeiture of $7.2 billion and the $2.6 billion that has been recovered in stolen assets.