Bernard Madoff is serving a 150-year sentence

A close friend of jailed US fraudster Bernard Madoff has been found dead at the bottom of his own swimming pool in the US state of Florida.

Police say they are treating the death of 67-year-old Jeffry Picower as a possible case of drowning.

Mr Picower's body was pulled from the pool of his $33m (£20m) Palm Beach home by his wife and a housekeeper.

Mr Picower, who made a name for himself as a philanthropist, is reported to have been in poor health.

A family spokesman told The Wall Street journal that he had been suffering from Parkinson's disease.

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Local television reported that a fire chief was told by Mr Picower's wife that he had gone for a swim and was found lying at the bottom of the pool 15 minutes later.

His close friendship with Madoff had placed him in the media spotlight.

Lawyers acting on behalf of the victims of Madoff's fraudulent investment scheme recently accused Mr Picower of receiving at least $7bn from it.

But Mr Picower's legal team said their client was a victim, not a beneficiary, of the Madoff scam.

Madoff is currently serving a 150-year sentence after pleading guilty to running a $65bn Ponzi scheme.