Madoff’s Trading Firm Sold to Castor Pollux

Unless a better bid emerges, the stock trading business that was the pride of Bernard L. Madoff’s business will be sold for just $15 million. The trustee, Irving Picard of Baker Hostetler, announced late Friday that he had signed a deal to sell the business to Castor Pollux Securities, a brokerage firm based in Boston. The price tag is $3 million upfront and an additional $12 million to be paid out quarterly, as it is earned. Few months before his arrest, Bernie Madoff valued his trading firm at $700 million.

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