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 Madoff barred from acting as investment adviser; Well D'OH!

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Madoff barred from acting as investment adviser; Well D'OH! Vide
PostSubject: Madoff barred from acting as investment adviser; Well D'OH!   Madoff barred from acting as investment adviser; Well D'OH! Icon_minitimeWed Jun 17, 2009 12:03 am
WASHINGTON (Reuters) - Bernard Madoff, who ran the biggest investment fraud in history, has partially settled a U.S. Securities and Exchange Commission civil complaint against him without having to admit any wrongdoing.

Tuesday's announcement left some legal experts dumbfounded over why the SEC would accept Madoff's settlement offer to be barred from working with any broker, dealer or investment adviser, without demanding he accept responsibility for his $65 billion 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."

http://www.reuters.com/article/domesticNews/idUSTRE55F77420090617
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