Bernie Madoff

Topics: Enron, Arthur Andersen, Enron scandal Pages: 1 (962 words) Published: July 9, 2013
The things I will be talking about are the ways they examined the financial events surrounding Bernie Maddoff, and the events surrounding ENRON. Also they way that ENRON dealt with the consequences and implications for the lack of code of ethics. The financial events that were surrounding Bernie Maddoff where that “ the financial world begins this week still in a daze over the spectacular collapse of an alleged Ponzi scheme by onetime Wall Street legend Bernard Madoff — possibly the biggest swindle ever committed by a single person. It's "a stunning fraud that appears to be of epic proportions," Andrew Calamari of the Securities and Exchange Commission's New York Regional Office said in a statement after the FBI arrested Madoff last week. It's unclear how many institutions and individuals will suffer from losses that federal authorities say Madoff privately pegged at $50 billion.” The reason that he had easy assess to all of this was because he knew the system from being the chairman of Nasdaq from 1990-1991 and 1993. Another one was the “officials allege that Madoff falsified reports from a secretive money management service that he owned — run separately from his main stock transaction firm — to make it appear to be more successful than it was. Madoff allegedly kept it going by taking cash from unwitting new investors to pay customers who wanted to redeem their holdings. In a January SEC filing, Madoff said he managed $17.1 billion in assets for 23 clients. But potential victims could number in the hundreds and possibly thousands and include major banks, hedge funds, charities and pension funds. Responding to an SEC lawsuit, on Friday, U.S. District Judge Louis Stanton in New York froze the assets and accounts of Madoff's investment business and appointed Lee Richards, an attorney at Richards Kibbe & Orbe, as receiver. Madoff's lawyers have denied the charges but did not return calls for comment. Madoff was released after posting $10 million in bail. He faces...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Enron, Worldcom, Madoff Case Essay
  • Essay about Bernie Madoff
  • Bernie Madoff Essay
  • Bernie Madoff Essay
  • Bernie Madoff Essay
  • Essay on Bernie Madoff Ponzi Scheme
  • Essay on Bernie Madoff Fraud Case
  • Essay on Bernie Madoff

Become a StudyMode Member

Sign Up - It's Free