SEC, Madoff agree to settle civil fraud case

updated 12:35 p.m. ET Feb. 9, 2009

NEW YORK - The Securities and Exchange Commission says it has agreed with Bernard Madoff on a deal that could eventually force the disgraced money manager to pay a civil fine and return money raised from investors.

The agency said Monday the agreement states that Madoff cannot contest allegations of civil fraud and that possible penalties will be decided "at a later time."

The SEC says that it has submitted the agreement to a federal judge in Manhattan, who will review it.

The deal will not affect a continuing criminal investigation of Madoff who authorities say has described his investment activities as a $50 billion pyramid scheme.

Also in msnbc.com business Your Career: Married to the job, and each other Answer Desk: Qualifying for more jobless benefits Venza sorta-crossover is Toyota’s latest mistake ConsumerMan: Chinese drywall remains a big threat   Video: This beer would cost you at least $8,000

MORE FROM U.S. BUSINESS

U.S. business Section Front

Frustrated AIG CEO tells employees he’ll stay JPMorgan Chase adding 1,200 mortgage officers Bear Stearns execs acquitted of subprime fraud Madoff associate wills fortune to charity Adobe to cut about 680 full-time jobs European ruling may endanger Sun-Oracle deal FedEx projects busier holiday peak Newsweek: A hedge fund's greatest trade ever Metropolitan Home magazine to close AIG likely to be able to repay U.S.: Moody's U.S. business Section Front   Add U.S. business headlines to your news reader: