Madoff, SEC Reach Deal In Civil Fraud Suit

Law360, New York (February 9, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has reached a deal with disgraced financier Bernard L. Madoff to settle its civil fraud case against him for an as-yet-undecided amount.

The regulator announced Monday it had secured the consent of the prominent money manager to a proposed partial judgment that “deems the facts of the complaint are established and cannot be contested by Madoff.”

The proposed judgment, which awaits court approval, did not specify what civil penalty Madoff would face, nor did it nominate a figure the SEC...
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