Madoff banned from working in investment industry

SEC said that it has agreed on Madoff’s offer to be “barred from association with any broker, dealer or investment adviser”.

By offering to be barred thus Madoff has made a partial settlement on U.S. Securities and Exchange Commission (SEC) compliant against him, without admitting the wrongdoings.

The orders passed by SEC did not specify the civil fines or restitution that Madoff has to pay to reach complete settlement.

SEC criticized on the settlement
The verdict left some legal experts astounded as to why SEC has accepted the settlement without Madoff accepting responsibility for $65 billion scam. SEC has also been criticized for failing to prove Madoff's involvement in the fraud.

"You can only mock this," said John Coffee, a professor at Columbia Law School. "I don't think the SEC will be able to declare a victory in this case."

Victims lobbying against Madoff
The victims of the Ponzi scam are demanding maximum imprisonment for Madoff. Many have expressed their ire through letters and e-mails, posted online to U.S. District Court Judge Denny Chin late Monday afternoon, as part of a 141-page court filing in the case.

Madoff, who has pleaded guilty to $65 billion Ponzi scam in a separate criminal case, is scheduled to be sentenced on June 29. The charges could carry maximum prison terms, totaling 150 years.