Madoff Settles With SEC, Fine To Be Determined Later

Feb 9 2009 | 2:05pm ET

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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of