Bernard Madoff is another toxic name for a resume thanks to its connection with securities fraud. Madoff, 72, is serving a 150-year prison term after pleading guilty to running the biggest Ponzi scheme in history from his firm, Bernard L. Madoff Investment Securities LLC.
Unfortunately for Madoff's former employees, most people are unaware that Madoff's firm had a separate, completely legitimate trading operations division that engaged in market-making activities. Before Madoff's arrest, this branch of the company had approximately 120 employees. The division was sold in early 2009 to a Boston-based brokerage firm for $15 million; the remaining employees were dismissed. Only one of Madoff's employees has ever been charged of a crime related to the Ponzi scheme, but you can bet that the notoriety surrounding Madoff's scheme could make it difficult for any former employees to land positions in the financial industry.
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