Jeffry Picower, the philanthropist and friend of Bernard Madoff who was one of the biggest winners in Mr Madoff’s $65bn Ponzi scheme, drowned accidentally in his swimming pool after a heart attack, police said on Monday.

Mr Picower, 67, had been under investigation by Irving Picard, the US court-appointed trustee who is attempting to recover billions in allegedly “fake profits” made from Mr Madoff’s fraud. According to court documents, at least $5bn of the $6.7bn Mr Picower withdrew from his accounts with Mr Madoff’s New York-based financial brokerage was money that belonged to other people.