Bernie Madoff’s former wholesaling operation has reopened under the name of Surge Trading. Subject to approval by the Financial Industry Regulatory Authority, Surge will commence wholesale market making operations from Madoff’s former offices in New York’s Lipstick Building.
"We are looking forward to quickly beginning the business of trading on behalf of our clients," Frank Petrilli, Surge Trading’s chief executive and the former chief executive of TD Waterhouse, said in a statement. The firm was formerly known as Castor Pollux Securities and has filed with FINRA to expand its services to include market making activities.
The firm is hiring market making specialists for its trading, technology and compliance teams. It has also hired personnel from the former Bernard L. Madoff Investment Securities LLC (BLMIS) business who supported that firm’s market making and proprietary trading businesses. This group includes sales traders and client services specialists, as well as technology, trading and operations experts.
The firm will utilize the market making assets of the former BLMIS business. The assets, including a proprietary trading platform, were acquired by Surge in an asset sale that closed Wednesday.
Senior management at Surge also includes Darin Oliver, former CEO of Castor Pollux, who will become president of the firm, and Robert Mazzarella, who serves as the non-executive chairman. Mazzarella has 40 years of experience in the securities industry and was the former president of Fidelity Brokerage Services.
Castor Pollux paid $25.5 million for the remnants of Madoff’s firm earlier this year.
