Bernard Madoff has reached a settlement with the Securities and Exchange Commission that could eventually force him to pay a fine and repay the victims of his alleged $50 billion Ponzi scheme, if he has any assets left.
The SEC submitted a proposed partial judgment in its civil case against the accused fraudster today, imposing a permanent injunction and continuing relief, including an asset freeze. Madoff consented to the judgment without admitting or denying the allegations.
Under the terms of the settlement, exactly what, if anything, Madoff will be ordered to pay will be decided at a later date. Madoff has waived his right to contest the facts of the complaint, which will be used to determine the disgorgement, prejudgment interest and civil penalty against him.
The SEC suit against Madoff was brought on Dec. 11, the day Madoff was arrested.