Madoff Layoff Includes Legitimate Employees: Report
Several dozen employees, who work in the legitimate branch of Bernard Madoff's firm, are being laid off, according to The Wall Street Journal.
Numerous traders were laid off, according to the report, however the firm retained more than 50 employees who are working with court-appointed trustee Irving Picard. Picard is attempting to sell the market-making business, assisted by the remaining employees who are mostly the firm's senior management.
Madoff made headlines recently, when he was arrested and charged with security fraud last month. A former chairman of the Nasdaq stock market, he is accused of masterminding a scheme which stole an estimated $50 billion from investors, including banks, charities, and other funds worldwide.
Madoff's "Ponzi" scheme may be one of the largest in history, harming thosands of investors, including high-profile vicitims such as Steven Spielberg, Jeffrey Katzenberg, Fred Wilpon, and Kevin Bacon.