Two former heavyweights of the discount brokerage business will take the helm of the revived market making operation of Bernard L. Madoff Investment Securities, according to published reports.
Frank Petrilli, the former head of TD Waterhouse, is slated to become chief executive of Castor Pollux Securities, the Boston-based brokerage that paid $25.5 million for the remnants of the Madoff wholesaling operation. Bob Mazzarella, the former president of Fidelity Brokerage Services, will be Castor Pollux’s chairman.
The news was first reported by the Boston Globe on Friday and is based on public filings.
Castor Pollux is owned by Darin Oliver, a former trader who lives in Medford, Mass. The firm beat out two others to acquire the Madoff unit in an auction. Funding was provided by Fairhaven Capital, a venture capital firm based in Cambridge, Mass.
Madoff’s wholesaling operation closed its doors five months ago when its proprietor was arrested for running a Ponzi scheme. The new market making firm will be based in New York.