Securities Law
Madoff Reaches Partial Settlement with SEC in Civil Case
Accused hedge fund manager Bernard Madoff has agreed that he won’t contest civil claims by the Securities and Exchange Commission that his investment advisory fund was a fraud.
Madoff doesn’t admit or deny wrongdoing in the deal, which still must receive a judge’s approval, Bloomberg reports. The agreement says possible civil fines and restitution will be decided at a later time, according to the Associated Press.
The suit is separate from the criminal case against Madoff, who is accused of losing $50 billion of investor money in a Ponzi scheme.
