>NEW YORK, USA - US authorities said Monday they were liquidating Bernard L. Madoff Investment Securities LLC of New York, following his arrest for alleged fraud to the tune of 50 billion dollars.
"The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, announced today that it is liquidating Bernard L. Madoff Investment Securities LLC of New York, NY, under the Securities Investor Protection Act (SIPA)," the SIPC said in a statement.
It said the US States District Court for the Southern District of New York granted the application and appointed Irving H. Picard as trustee for the liquidation of the brokerage firm, while it named the law firm of Baker & Hostetler LLP as counsel to Picard.
