The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App

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.