recent scandals is Bernard Madoff Investment Securities LLC, a Wall Street investment firm that was founded by him. Bernie and his accountant tricked investors out of $64.8 billion through a ponzi scheme, they paid investors return on their own money or other investors rather than from profits. I think he was caught because he told his son or someone in the family and they reported him to the SEC and he was arrested soon after. The penalty for this scandal was jail time for Madoff plus $160 billion
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Bernard L. Madoff Scandal From what we know about Bernard Madoff is he started a business called Bernard L. Madoff Investment Security LLC in the 1960 where he was the chairman of this company for over a decade, building his reputations to the world making his way into large businesses and gaining a number of wealthy clients on the way. When he was still a small company making his way into society he started his scam off with luring in the small clients, and since he was Jewish he decided a good
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Dr. Nassar, The case of Bernard Madoff details a massive Ponzi scheme that resulted in financial losses, ruined careers and imprisonment. As a result, I will describe prevention mechanisms that could ensure that Ponzi schemes do not happen in the future. First, corporate culture should be revised to deter white-collar crimes like Ponzi schemes. The causes of typical white-collar crimes involve peer influence, inherently criminal behavior of employees. The manager’s role should involve close monitoring
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4. Martha Stewart’s Lost Reputation Discussion of ethical issues 1. What was the basis of Martha Stewart’s reputation? 2. Why did MSO’s stock price decline due to Martha Stewart’s loss of reputation? 3. Who is Martha Stewart’s target market? 4. What qualities were associated with the Martha Stewart brand, before the controversy? Which of these were affected by the accusations of insider trading, and how? How would you find out for sure? 5. What level of sales and profits would MSO have
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Cynthia Knox RES/351 July 29, 2013 Ross Jackson Bernard Madoff’s ponzi scheme In this paper I am going to show hoe Bernie Madoff’s scheme people out of thousand and even million’s dollars of money. I will address the unethical behavior the injury that her people by taking their money and trust from them. What Bernie did hurt people not a company by making up fake investment company? How this could have been avoided is that people do research on the companies over even the person
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Film Analysis: Bernie In the movie “Bernie”, we follow the story and between a Carthage, Texas funeral director Bernie Tiede, and his co-dependent relationship with a wealthy widow, Marjorie Nugent. As “Bernie” unfolds, we see the companionship turn for the worse as Ms. Nugent’s ill-temper causes Bernie to snap – and lands her dead in her freezer. This movie brings up some questions, specifically regarding image. After analysis, the question I keep coming back to is “Was Bernie genuine and sincere
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leadership can spark success, failed leadership can bring down cities, businesses, and economies. The collapse of major financial companies starting with Bear Stearns, the stunningly botched reaction to Katrina, the inept federal response to tips about Bernard Madoff's Ponzi scheme, and the financial sleight of hand that brought down Enron are only the latest examples of leadership failure. "We keep making the same stupid mistakes, generation after generation," says William Baker, who holds a doctorate
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Author’s Viewpoint In the case study about the Bernie Madoff scandal, the author makes the point that the motivation to succeed in business can present a conflict with the fiduciary duty that a business person has to the client. There is question whether Madoff was motivated solely by greed, in which case he was engaged in a simple Ponzi scheme, or whether he used the Ponzi scheme to hide his failure to generate returns for his clients. Madoff’s lack of transparency violated the trust of his clients
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Franzee Barlamas Ponzi Scheme Assignment Advanced Fraud Accounting March 30, 2016 1. According to the Securities and Exchange Commission a Ponzi scheme is “an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.” The scheme got its name from Charles Ponzi who created the first ever Ponzi scheme in the 1920s. Ponzi manipulated thousands of New England residents into investing in postage stamps for a return of 50%
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THE BERNIE MADOFF'S SCANDAL Jayne Egharevba RES/351 February 16,2015 Business Management/Human Resources The Bernie Madoff’s Scandal The Bernie Madoff scandal is widely recognized as an example of an unethical business research, Bernie Madoff managed to build a multibillion-dollar investment firm based on skewed research and false financial data. The wealth management eluded the SEC and other authorities for decades before finally being shut down in 2008. Unethical business research played
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