en.wikipedia.org/wiki/Jeffry_Picower
2 corrections found
Barbara Picower currently serves as the President and Director of the JPB Foundation.
This is outdated. Barbara Picower stepped down as president in February 2024; Deepak Bhargava became president, and the JPB Foundation was renamed the Freedom Together Foundation in 2024.
Full reasoning
Official materials from the foundation contradict this sentence. The foundation's current "Who We Are" page says Deepak Bhargava is President and states that Barbara Picower announced in April 2023 that she would step down as president the following year. The same page also says The JPB Foundation was renamed the Freedom Together Foundation in 2024. An official foundation press release from April 14, 2023 likewise says Barbara Picower would step down as president in February 2024, be succeeded by Deepak Bhargava, and become president emerita. So Barbara Picower does not currently serve as president of the JPB Foundation, and the organization no longer even uses that name.
2 sources
- Who We Are - Freedom Together Foundation
Deepak Bhargava is President of the Freedom Together Foundation... In April of 2023, Barbara announced that she would step down as president the following year... Under Deepak's leadership, The JPB Foundation was renamed the Freedom Together Foundation in 2024.
- Press Release: The JPB Foundation Announces Leadership Transition - Freedom Together Foundation
The JPB Foundation announced Friday that Barbara Picower will step down as president in February 2024 and be succeeded by Deepak Bhargava. Picower will become president emerita.
In June 2009, Irving Picard, the trustee liquidating Madoff's assets, filed a lawsuit against Picower in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), seeking the return of $7.2 billion in profits
This conflates the timing and amount of Picard's suit. Court records say the complaint was filed in May 2009, and the original complaint alleged more than $6.7 billion in transfers, with at least $5 billion identified as fictitious profit; the amount sought was only later increased to $7.2 billion.
Full reasoning
The trustee's own court filings do not match this description. In the settlement order for the Picower adversary proceeding, the trustee states that "On May 12, 2009, the Trustee filed a Complaint" against the Picower defendants. The same order explains that the value at issue was later increased: it says the total was brought to more than $7.2 billion and that the amount the trustee sought to avoid "was subsequently increased to $7.2 billion."
The original complaint also contradicts the statement that the lawsuit was filed in June 2009 seeking $7.2 billion in profits. In the complaint, the trustee alleged that since December 1995 the defendants had withdrawn more than $6.7 billion, and that at least $5 billion of that amount was fictitious profit. So the article sentence blends a later, increased total with the earlier filing and gives the wrong month for the filing.
2 sources
- Order Approving Settlement Agreement and Release By and Among the Trustee and the Picower Defendants
On May 12, 2009, the Trustee filed a Complaint... The Trustee later identified additional Transfers to the Picower Defendants, bringing the total value of Transfers received by them to more than $7.2 billion... The amount that the Trustee seeks to avoid in the Picower Adversary Proceeding was subsequently increased to $7.2 billion.
- Picard v. Picower Complaint
Since December 1995, he and the other Defendants collectively profited from this scheme through the withdrawal of more than $6.7 billion dollars. The Trustee's investigation to date has revealed that at least five billion dollars of this amount was fictitious profit from the Ponzi scheme.