Bernard Madoff and the Securities and Exchange Commission have agreed to a partial settlement of civil suit accusing Madoff of defrauding investors.
According to an SEC press release, Madoff consented to a partial judgment without admitting or denying the civil charges against him. Although the amount in civil penalties that Madoff would have to pay has not yet been determined, the judgment states that the allegations against him have been established and cannot be contested at a later point.
The judgment, if approved by U.S. District Judge Louis L. Stanton, would also continue the freeze on Madoff’s assets.
The civil suit filed by the SEC on Dec. 11 is separate from the criminal case against Madoff, who remains under house arrest at his apartment on New York’s upper east side.
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1 Comments
#1. TACOM 02.17.2009
The LAW has become too much of a game when criminals are allowed to “plea bargain” and “agree to settlements without admitting guilt”—this is no more than a scheme devised by lawyers to make their job easier (as if that’s at all possible).
It’s nice that Bernie (and his lawyers) have “agreed” that we may continue to freeze his assets, which were stolen in the first place. Haven’t we carried this coddling of rich criminals far enough? If this is what passes for LAW, it’s small wonder why so many have no respect for it. Here’s a self-admitted criminal, who is facing both civil and criminal charges but is allowed to remain in the comfort of his luxury home, under some phony security arrangement paid for by his complicit wife. How does that look to the common thief who is arrested and slammed in jail for stealing one billionth of what Madoff stole? Where is the common thief’s “plea” , where is his “agreement”? Only in Amerika!
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