SEC strikes deal with Madoff
WASHINGTON, DC - Bernard Madoff has struck a deal with the US Securities and Exchange Commission (SEC) to pay a civil fine and return cash to investors. Madoff has not yet been indicted on criminal charges, and is under house arrest in his Manhattan apartment. The civil agreement would have no bearing on criminal charges for the scandal-hit fund manager.
Madoff has agreed not to contest charges brought in a civil case by the SEC following his arrest in December 2008. By Madoff's own estimation, his alleged Ponzi scheme fraud is in the region of $50 billion.
Under the partial judgement deal, Madoff would not admit or deny the allegations in the SEC's complaint. However, the Washington Post states he would also be unable to deny the "basic facts" of the civil case: that he ran the Ponzi scheme and admitted that his investment business was a fraud to his sons. Madoff is alleged to have told his sons his firm - Bernard L Madoff Investment Securities - was "all one big lie" and "basically, a giant Ponzi scheme". The proposed agreement, which has been passed to a federal judge for review, will not affect the criminal case against him.
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