Bernard Madoff, who ran the biggest investment fraud in history, was allowed to settle civil fraud charges with the US Securities and Exchange Commission without having to admit any wrongdoing.

Yesterday’s announcement left some legal experts dumbfounded over why the SEC — which has been roundly criticized for failing to detect the Madoff fraud — would settle the case without demanding he accept responsibility.

“I am rather surprised that they would agree to a resolution or settlement where he doesn’t admit guilt in light of the enormity of the fraud, especially in light of the SEC being under so much criticism for being asleep at the switch,” said Bradley Simon, a criminal defense lawyer.