NEW YORK – A trustee overseeing the liquidation of disgraced financier Bernard Madoff's assets has sold a trading operation within his firm that was considered legitimate.
A trustee spokesman confirmed the sale of the market-making division managed by Madoff's brother and two sons. Details about the buyer and price were not immediately available. The court-appointed trustee has been liquidating Madoff's business assets — including works of art in his midtown Manhattan office — to cover claims brought by victims of his massive Ponzi scheme.
The 70-year-old Madoff pleaded guilty earlier this month to fraud and other charges. He told a judge that unlike his secretive investment advisory business, the trading was "legitimate in all respects."
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