The market making business unit of Bernard Madoff’s securities firm has been sold to a Boston-based brokerdealer which will pay $500,000 at closing and payments of up to $15 million in revenues from trades through 2012.

“This agreement is a successful outcome of the broadly-marketed sales process we started in December, said Irving Picard, the court appointed trustee for the liquidation of Madoff’s business.

Other bidders may still offer a higher price, the trustee noted.

The trustee said the small number of employees for the unit were terminated on Friday.

Castor Pollux President Darin Oliver said in a statement that the unit had been extensively scrutinized by numerous Federal Agencies, according to the Associated Press.

The sale excludes cash and securities related to the market making business.