Madoff, 81, is asking that his sentence be reduced, not for a complete pardon, as first reported by CNBC and confirmed to FOX Business by the Justice Department.
Requesting clemency would require President Trump’s approval for a federal crime.
The agency’s website says the status of the case is still pending.
About a decade ago, the financier was convicted of running one of the largest Ponzi schemes in history – he was charged with 11 counts of fraud, money laundering, theft and perjury. He was accused of cheating investors out of as much as $65 billion over the course of 20 years. The fraud involved about 4,800 clients.
Madoff is currently serving his sentence in a North Carolina prison.