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Madoff trustee wants names kept under wrap

By Erik Larson
Bloomberg News / May 22, 2009
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NEW YORK - The trustee liquidating Bernard Madoff's money-management firm told a judge that a required list of its employees should be filed under seal.

Irving Picard, who is liquidating Bernard L. Madoff Investment Securities LLC, needs to file the list as part of a bid to end benefits for the defunct firm's workers, according to a filing yesterday in US Bankruptcy Court in Manhattan.

"The employees are innocent people who have been victimized by Bernard Madoff's fraud by, among other things, losing their jobs and possibly being stigmatized by their relation to Madoff," Picard said in the filing.

Madoff faces as many as 150 years in prison when he is sentenced next month for running a $65 billion Ponzi scheme. Picard has said many of the purported trades at the New York-based firm never took place.

Picard, a lawyer with Baker & Hostetler LLP in New York, said benefits-termination notices were sent on May 15 to all of the firm's employees. Most of the employees left after Madoff's Dec. 11 arrest.