updated 2/9/2009 12:35:53 PM ET 2009-02-09T17:35:53

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.

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