began attraction outside investors and Bernard L. Madoff Investment Securities was formed. However, a few people were not fooled and saw the danger behind the facade. A few people heeded the warning sign that were evident all around Madoff. They filed reports with the SEC on several occasions but they were too inexperienced to look deeper. In the end the story holds us not because of the engrossing details of the scam, but because of its human element. Madoff emerges here not as some master criminal
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Ethics are the principles and values an individual uses to govern his daily activities and decision making. The ethical philosophy an organization displays in conducting business has effect on the productivity as well as the reputation of that business. In an organization, a code of ethics is a set of principles that guide the organization in its programs, policies and decisions for the business. The ethics that organization leaders use to manage employees do have an effect on the morale and loyalty
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OFFICE OF INSPECTOR GENERAL Case No. OIG-509 Investigation of Failure of the SEC To Uncover Bernard Madoff's Ponzi Scheme Executive Summary The OIG investigation did not find evidence that any SEC personnel who worked on an SEC examination or investigation of Bernard L. Madoff Investment Securities, LLC (BMIS) had any financial or other inappropriate connection with Bernard Madoff or the Madoff family that influenced the conduct of their examination or investigatory work. The OIG also did
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financial transactions conducted by ‘white collar criminals’ such as business professionals making financial fraud difficult to prevent and catch1. In this document we will look at several types of financial fraud cases including the cases on Bernard Madoff, Firepower, Storm Financial and Robert Blanshard. When looking at an investment opportunity it is important to do your due diligence to ensure your money is going into a safe and legal investment proposal. Due diligence is essential for individuals
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take withdrawals. Though these types of schemes have happened before, the first of this caliber was documented in the 1920’s by its namesake, Charles Ponzi. In 2008, Bernard “Bernie” Madoff was exposed for running the largest Ponzi scheme to date, conning investors out of over $65 billion over thirty years. INTRODUCTION Bernard Madoff was responsible for the largest reported Ponzi scheme in history. How did this happen? Who else knew about it? Why did it take so long for him to be exposed? This paper
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Corporate Scandals And Regulations February 18, 2014 Introduction In recent years there has been many different regulations that have been put into effect to avoid any more accounting scandals. Some scandals that has gotten worldwide attention would be scandals such as WorldCom, Enron and Avon. These regulations have been put in place to help investors and to prevent companies from being put in situations where a scandal could arise. Companies need to pay close attention and follow
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Finance 1 22 May 2013 Charles Ponzi In August of 1919 a man by the name of Charles Ponzi was given an International Postal Reply Coupon from a friend. Upon reading the coupon he discovered it was purchased in Spain while it happened to be receiving it in Italy. Charles did some research and discovered that buying the Coupon in Spain cost a low amount of money, but that it could be traded in for more money in the United States. This discovery lead to Charles Ponzi creating
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Bernie Madoff & the Worst Pyramid Scheme in U.S. History It is said that we are the product of our upbringing, so it probably would not surprise you to learn that the biggest and worst financial fraud committed through a pyramid scheme in US History, was achieved by a man who was raised by parents that also commit financial frauds. Bernie Madoff was raised watching his parents Ralph and Sylvia Madoff run a business that was not successful in the financial trading world. That company was
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ever happened was pulled off by the prestigious and well respected Bernie Madoff. Madoff had been chairman of NASDAQ at one point and at the time was the founder of Bernard L. Madoff Securities LLC, where he had a position of status and power. This status and recognition was one of the reasons that he was able to pull off the elaborate Ponzi scheme, because no one would have thought he was capable of doing such a thing. Madoff had been running the scheme for several years until he was eventually caught
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Bernie Madoff: An Issue of Ethics There are many ethical issues in the world’s news today, some bigger than others, and many that get swept under the rug. One particular ethical issue is at the core of a huge story that has dominated the news for months on end and has lead to more trying times on Wall Street. The story is about Bernie Madoff and the massive effect he and his ponzi scheme had on hundreds of people who trusted him. This paper will discuss the ethical issue underlying the conflict
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