SEC and Bernard Madoff Agree to Deal on Civil Fraud Case

The Securities and Exchange Commission and Bernard Madoff have agreed to a settlement deal involving a civil fraud case. As part of the deal Madoff would likely be forced to pay back millions of dollars to investors and be subjected to a civil fine.

The agreement has been sent to a Manhattan federal judge for review but will not have any bearing on Madoff’s criminal case that accuses the money manager of operating a Ponzi scheme that bilked investors out of nearly $50 billion.

According to the SEC deal Madoff would not be able to contest the allegations of civil fraud.

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