Bloomberg reported Monday that Bernard Madoff has agreed not to contest certain claims the Securities and Exchange Commission has made against him in its civil enforcement lawsuit. Specifically, he agreed not to contest allegations that his investment firm was a fraud. He did not, however, admit or deny any wrongdoing, the story says.
The SEC's announcement indicates that U.S. District Court Judge Louis Stanton must approve the settlement before financial sanctions will be levied against Madoff. The settlement also continues a previously placed asset freeze and carries heavy penalties if Madoff commits another securities violation.
Madoff is scheduled to appear in court on Wed., Feb. 11 in a criminal case related to the scheme, according to Bloomberg.