
SEC strikes deal with Madoff
Losses & Lawsuits
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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Grim repo warning spotlights BNP Paribas booking model
Federal regulators may be targeting French bank’s Paris-based book of US Treasuries
We’re all outliers now: Europe’s unflattering IRRBB test
Banks, fearing overreaction from supervisors, urge European Commission to reject NII-based assessment
SEC targets ‘dark magic’ in fixed-income pricing with Bloomberg fine
US regulator is going after pricing vendors that deviate from their published methodologies
Alameda’s mystery bank stake reignites Fed deposit debate
Crypto challenger Custodia accuses regulator of unlevel playing field over master accounts
More EU banks will fail new IRRBB test as rates push upwards
Half of all EU banks could cross outlier threshold for new test of net interest income
Finra head recognises ‘challenges’ for bond transparency drive
Cook says regulators thinking about industry’s operational and liquidity concerns
Why central banks shouldn’t ignore stablecoins
Rapid growth of stablecoins could impair monetary policy transmission
Hedge funds doubt tall tales around UK short-selling review
FCA has never used powers to ban short-selling, but reporting tweaks would be welcome