SEC, Madoff Reach Deal To Repay Investors
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A deal reached with the Security and Exchange Commission could force disgraced money manager Bernard Madoff to repay money raised in the commission of his alleged $50 billion Ponzi scheme.
The SEC says Madoff will also have to pay a civil fine and return money raised from investors.
The exact amount of money he will end up paying out is unclear.
According to the agreement, the allegations of fraud cannot be contested by Madoff.
The SEC has submitted the deal to a federal judge in Manhattan for review.
The deal is part of the civil proceedings against Madoff, and will not affect the continuing federal investigation of Madoff's activities.