The Securities and Exchange Commission reached a settlement with illegal money manager Bernie Madoff, barring him from working in the securities industry on Tuesday.
The SEC accepted Madoff's settlement offer to be barred from association with any brokerage or investment firm. The deal doesn't include monetary penalties.
Madoff has been in jail since March when he entered a guilty plea to defrauding thousands of investors who lost billions of dollars. He faces up to 150 years in prison, and is scheduled to be sentenced on June 29 in U.S. District Court in
The SEC's complaint against Madoff accused him of conducting a $50 billion fraudulent scheme through his New York-based investment company. The SEC cited Madoff's alleged statements in December to senior employees of the firm that the business was "just one big lie (and) basically a giant Ponzi scheme."
Madoff was arrested on Dec. 11.
Due to this scandal, Madoff, who was once chairman of the Nasdaq Stock Market and sat on SEC advisory committees, became a pariah and a symbol of Wall Street greed that helped to cause the current recession.
Madoff’s pyramid scheme affected people of all walks of life, including ordinary Americans,
###
Click here for more Business News
About YourFINDit
YourFINDit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFINDit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFINDit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.
YourFindit is owned and operated by TransWorldNews, Inc., a news and press release distribution service.
