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-Lurid Crime Tales-
SEC And Madoff Reach Agreement On Fraud Case
2009-02-09
If this sleazeball had knocked off a convenience store for %50 bucks he'd be in jail. Picture to the right is the original Charles Ponzi.
The Securities and Exchange Commission and Bernard Madoff have reached an agreement that could eventually force the disgraced investor to pay a civil fine and return money raised from investors.
$50 Billion returned plus civil fine? NOT likely. Maybe they could work the scheme backwards, take last commissioned paid and give to previous investors, etc. etc. Any other fairytale suggestions.
The agreement states that the allegations of fraud cannot be contested by Madoff and that possible penalties will be decided "at a later time."

The SEC says that it has submitted the agreement to a Manhattan federal judge, who has to sign off on it.
Posted by:GolfBravoUSMC

#9  Skin the bastard alive (he may've cost me a grant).
Posted by: g(r)omgoru   2009-02-09 22:01  

#8  the agreement only covers the civil case

criminal charges are still pending
Posted by: mhw   2009-02-09 19:12  

#7  No problem, just give $50 billion of TARP 2 to Madoff so he can make restitution. I'm just surprised Obama hasn't picked Madoff as head of the Social Security Administration.
Posted by: DMFD   2009-02-09 18:09  

#6  The SEC is covering its own tracks that a public trial would show gross incompetence at best and implied collusion at worst. It's just another serious indication how compromised the SEC people have become in regulating the individuals and organizations in the 'business'.
Posted by: Procopius2k   2009-02-09 17:20  

#5  The SEC says the basic facts of the complaint are that Madoff committed a $50 billion fraud and told his sons his investment business was a sham. Madoff told them he had "absolutely nothing," that "it's all just one big lie," and was "basically, a giant Ponzi scheme," according to the complaint.

Maybe it's just me, but wouldn't that make the "restitution" part of the deal a bit difficult? But, then again, I'm not one of them financial geniuses at the SEC...
Posted by: tu3031   2009-02-09 16:47  

#4  He pre-bought the judge, SEC people, IMHO.
Posted by: Alaska Paul   2009-02-09 16:43  

#3  listen, don't do it again! now get out of here!
Posted by: Waldemar Whomolet5053   2009-02-09 16:32  

#2  So he's got fifty billion in pocket change laying around? Color me impressed...
Posted by: tu3031   2009-02-09 16:20  

#1  I'd like to see the details, but this is probably as good a civil recovery as anyone's ever going to get.

Criminal punishment is another matter.
Posted by: Mike   2009-02-09 15:49  

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