Authorities should go after The Florida-based Picower Foundation .......worth $1 billion......one of the top financial backers of the abortion industry.
Barbara and Jeffrey Picower
The Picower Foundation
1410 South Ocean Blvd
Palm Beach, Fla 33480
Geographic Focus: Florida; New York;
The number of tax-exempt "foundations and charities" attached to Madoff's scam is VERY fishy. NOTE: the IRS has targeted tax-exempt "foundations and charities" as the locus classicus for money laundering and tax evasion--- the BIGGEST fraud is one charity writing checks to another charity---the way these "altristic philanthropists" siphon off funds for themselves--all tax-free.
Picard sued longtime Madoff "investor" Jeffry Picower (Picower took a startling 950% return) to recover $6.7 billion for victims; Picard seeks another $500 million after finding additional evidence of Picower's excess withdrawals. Picower's $7.2 billion withdrawal from Madoff's firm, makes the Florida "philanthropist" the biggest beneficiary of Madoff's $65 billion Ponzi scheme.
It was recently uncovered that Madoff kept detailed notes about his activites and that some "investors" made deals, demanding specific returns on investments, meaning they were in on the scam. Some investors also wrote Madoff personal checks......evidence of tax evasion and money laundering.
REFERENCE CBS' 60 Minutes reported 9/27/09: Madoff's detailed notes reveal Jeffrey Picower---a major Planned Parenthood backer---was receiving a return of some 950%. According to the court-appointed trustee Irving Picard, this indicated Picower was in on the Ponzi scheme and was profiting at the expense of other investors. As a savvy businessman and investor, Picower should have known 950% was an outlandish return, Picard indicated.
Bernie was hightailing it to global money-laundering havens just before he got nailed. $12B was pulled out of Bernard L. Madoffs firm in 2008, and $6B just three months before he was arrested last Dec.....BVI's Vizcaya Partners Ltd. and Gibraltar-based Banque Jacob Safra Ltd. got $150M (that we know of) about six weeks before Madoff was exposed.
Picard, who is ID'ing Madoff's assets, unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... and assets and businesses in 11 places overseas. No question,tax evasion and money laundering was the name of the game for the wealthiest Madoffians-----businessmen who were funneling income to Madoff to avoid US taxes, acting like "philanthropists."
LABYRINTH OF MADOFF'S SOCIAL-RELIGIOUS-PHILANTHROPIC TAX-EXEMPTS THAT RAKED IN BILLIONS---INTERACTIVE AT WEB SITE
Brighton Co Investments is headed by Stanley Chais, a Beverly Hills "philanthropist" who served on "charitable" boards with Madoff. Chais (pronounced Chase) told the Jewish Journal of Los Angeles that he not only personally invested with Madoff, but he also "facilitated" others who wished to do likewise. However, spokesmen for the SEC and the California Dept of Corporations said they could find no record of Chais registering as an investment advisor or a broker.
Stanley Chais offers remarks at the Weizmann Institute of Science.
That doe-eyed, winsome smirk hides an unspeakable evil.
"I'm Bernie. Trust me."
Jeffry Picower, a seldom-seen philanthropist, investor and confidant of Bernard Madoff, stands accused by the Madoff bankruptcy trustee of extracting $5.1 billion from Madoffs enterprises during the last two decades. Now a lawyer representing 100 Madoff victims suggests it was no accident that Picower was one of the few Madoff customers who made a substantial profit.
Picower may have deposited $1.6 billion with Madoff, while withdrawing as profit more than $6.7 billion, for a net profit of $5.1 billion of other peoples money.
While coverage of Picower has been scant, on various occasions, The St. Petersburg Times, Forbes, and most recently Pro Publica have raised the question of whether he used his charities to mine informationespecially about the medical developmentsthat he then used in chasing deals. He was the biggest shareholder in Alaris Medical Systems and collected more than $1 billion when it was bought by Cardinal Health in 2004.
Complex web benefits foundation founder
St. Petersburg Times - Sunday, July 8, 2001
Author: MARY JACOBY
A decade ago, a wealthy Palm Beach investor met a world-renowned scientist for dinner at an Italian restaurant on New York’s upper East Side.
They were celebrating a promising new partnership.
Jeffry M. Picower had decided to endow a non-profit medical research institute. His Florida-based foundation would give $10-million in initial funding to find cures for the maladies that afflict humankind. Dr. Anthony Cerami, internationally acclaimed inventor of a revolutionary diabetes test, would run it.
“My mother suffered from diabetes even before my birth and died at an early age of it,” Picower told the New York Times. He pledged that profits from new drugs discovered at the institute would flow back into its coffers to pay for more discoveries.
“It’s just for the benefit of science, and my family will not get anything back, no matter what happens.”
Over the next 10 years, as the assets of the Jeffry M. and Barbara Picower Foundation swelled to $658-million, making it the second largest foundation in Florida, its benefactor was spinning an unusual web of business relationships between it, the Picower Institute for Medical Research and two for-profit pharmaceutical companies.
When the spinning was over, a for-profit drug company owned largely by Picower was left holding license to many of the most important discoveries of the Picower Institute.
Humankind, it seems, would not be the only beneficiary of the spending and investments of the non-profit Jeffry M. and Barbara Picower Foundation.
Jeffry M. Picower would, too.
Because Congress wants to encourage charitable giving, it has given foundations significant tax advantages. Donors can deduct the amount of their gifts from their taxable income, an important incentive for wealthy people to establish foundations. And foundations pay virtually no tax.
The law forbids people who create or manage foundations from profiting, even indirectly, from the endowments.
“The sweep of the self-dealing rules captures direct as well as indirect business relationships,” said Marcus Owens, former director of the IRS’s tax-exempt organizations division. “With private foundations, the self-dealing proscription is very tight.”
The penalty for self-dealing is a 25 percent tax on the amount of money involved in the improper activity and return of the money.
But if you are a wealthy person running your own foundation, the chance you will face scrutiny is practically nil. The IRS regularly audits less than 1 percent of private foundation returns; of 61,185 returns filed in 1998 for foundations that held about $390-billion in assets, the IRS audited 191.
Neither is the public likely to question the work of a foundation such as Picower ‘s, whose gifts have included $533,000 to the Intracoastal Health Foundation in West Palm Beach, $2.3-million to New York public libraries, $200,000 to Teach for America - and at least $22.5-million over the years to the Picower Institute.
But behind the velvet drape of Picower ‘s philanthropy is a story different from the usual script. The backstage is cluttered with angry lawsuits, cowed scientists and bitter former business partners. It is the turmoil left behind when one man plays all the leading parts in and directs his own charitable production:
Picower runs the Picower Foundation.
Picower runs the Picower Institute.
The Picower Foundation funds the Picower Institute.
Researchers at the Picower Institute discover a drug that they hope will alleviate the suffering of a whole universe of people: victims of arthritis, multiple sclerosis, stroke and inflammatory bowel disease.
A deal is cut. A merger creates a for-profit pharmaceutical company that gets the license to develop this potential blockbuster drug and other promising Picower Institute discoveries.
This company’s largest shareholder? Jeffry M. Picower .
That whole “nonprofit” thing is a rich person scam. It’s how wealthy women have parties on the taxpayers dime...