Bernard Madoff has agreed not to challenge US allegations that he ran a $50bn Ponzi scheme when it comes to determining fines and restitution to his victims, the SEC said Monday. The SEC, which filed civil charges against Madoff, said it announced an agreement with the New York broker that “the proposed partial judgment deems the facts of the complaint are established and cannot be contested by Madoff”. The original complaint, filed when Madoff was arrested Dec 11, said he had told his sons that his advisory business was a fraud, that he was “finished” and that it was “basically, a giant Ponzi scheme”. Madoff agreed to the partial judgment, which also makes permanent the injunction and asset freeze, previously obtained against him in December.