Boston firm wins bid for Madoff asset
NEW YORK - A trustee overseeing liquidation of Wall Street swindler Bernard Madoff's assets has announced a winning bid of potentially more than $25 million for the securities-trading operation Madoff ran.
Irving Picard said Boston-based Castor Pollux Securities will pay $1 million at closing and up to $24.5 million in deferred compensation through 2013.
Madoff's trading operation was separate from the secretive investment advisory business that was central to his multibillion-dollar scam.
Picard will present the bid for approval tomorrow in US Bankruptcy Court. He plans to use the proceeds to pay Madoff's victims.