From a June 16, 2009 SEC release:
Pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act, that Respondent Madoff be, and hereby is barred from association with any broker, dealer, or investment adviser.
Good to know that the SEC has our back. After all, that Bernie guy sounds like trouble, so best to keep him out of the securities industry.
Then again, we wouldn’t want to keep Madoff out for too long – he has to earn a living, after all:
Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process …
Those optimists at the SEC are apparently already thinking about how to let Madoff back into the securities industry in 2159.