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.
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.
(Source: WCBSTV)
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7 Responses
Who gets the civil fine? The SEC who was asleep at the switch? Why not include that to help compensate investors?
Uch un vey!
What will be with R’ Shalom Mordechai Rubashkin? Did he swindle 13,000 people?
So what, he would have to give up all that and more as part of the criminal penalties. He furthermore has no chance of winning the civil case, since claiming you were negligent or stupid or had no intention to defraud doesn’t help you in a civil case (but might work in a criminal case).
#1 – Any money collected goes to the people who invested or the Treasury – the SEC doesn’t get to keep anything.
#3, That’s what I was referring to. I would like to see it all go to the investors, and nothing to the Treasury. The Treasury funds the SEC, as it does all government agencies. Es kumt zei eppes? Vos hob’n zei getohn?
The guy will never be able to afford what he is going to be made to pay. It’s gonna be pennies (if not mils) on the dollar anyway. Every penny that goes anywhere but to the investors, takes away money that should go to them.
Is this some kind of a plea bargaining?
Sounds more as if the SEC feared this fellow could spill the beans on them.
This guy is such a creep! He can’t stop complaining about his house arrest.
And anyone who made negative comments against the SEC are absolutely right! While Shalom Rubashkin has to raise thousands of dollars to prove his innocence, this bum takes a plea bargain. It is outrageous!!
#5 and #6 – this is CIVIL (to dispose of the money). He has no defenses and it doesn’t benefit him to stall. The SEC only does civil (דיני ממונות)
The criminal case will take much longer, and he might have some defenses that don’t apply in civil cases such as insanity or lack of criminal intent. He has a right to a jury trial (though I suspect he will waive it).