Older and Wiser
he worked in market making
The market-making portion of Bernard Madoff's business, which he ran for years alongside the Ponzi scheme for which he has been convicted of fraud, has been relaunched under the name Surge Trading.
The business will be led by Frank Petrilli, former chief executive of TD WaterHouse, and will provide financial institutions, including broker-dealers, with access to trade execution services and exchanges.
WASHINGTON — Unseasoned investigators from the Securities and Exchange Commission were alternately intimidated and enthralled by a name-dropping, yarn-spinning Bernard L. Madoff as he dodged questions about his financial house of cards, according to a scathing new report on the agency’s repeated failure to uncover the huge investment fraud.
“Madoff carefully controlled to whom they spoke at the firm,” the S.E.C.’s independent watchdog said in the report released on Wednesday.
When one of Mr. Madoff’s employees was talking to investigators in 2005, an aide to Mr. Madoff broke up the conversation, explaining that it was time for lunch — at 3 in the afternoon.
Madoff Was Beaten in Prison - WSJ.comBernard Madoff, who is serving a 150-year sentence in North Carolina for running a fraud scheme that cost investors billions of dollars, was physically assaulted by another inmate in December, according to three people familiar with the matter.