SEC, Madoff agree to settle civil fraud case

February 9, 2009 9:42:03 AM PST
The Securities and Exchange Commission on Monday announced an agreement with disgraced money manager Bernard Madoff that could eventually force him to pay a civil fine and return money raised from investors. The partial judgment must be approved by the judge overseeing the Madoff case in federal court in Manhattan.

The civil proceeding is separate from the criminal case against the prominent Wall Street figure, who is accused of bilking $50 billion from investors in what may be the largest Ponzi scheme in history.

Federal prosecutors have asked a judge to revoke the bail of Madoff, who has been confined to his Manhattan penthouse.

The agreement with the SEC says the agency's civil fraud allegations cannot be contested by Madoff and that possible civil fines and restitution will be decided "at a later time."

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