Madoff Barred From Working In Securities

Bernard Madoff arrives at Manhattan federal court Thursday, March 12, 2009, in New York. (AP Photo/Louis Lanzano) AP Photo/Louis Lanzano

Federal regulators have reached a settlement with disgraced money manager Bernard Madoff that prohibits him from working in the securities industry.

The Securities and Exchange Commission said it accepted Madoff's settlement offer to be barred from association with any brokerage or investment firm. The deal doesn't include any monetary penalties.

Madoff has been jailed since March when he entered a guilty plea to defrauding thousands of investors who lost billions of dollars. He faces up to 150 years in prison, and is scheduled to be sentenced on June 29 in U.S. District Court in Manhattan.
  • CBSNews

Comments

CBSN Live

pop-out
Live Video

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.