Bernie Madoff Ethics in Management

Topics: Bernard Madoff, Ponzi scheme, U.S. Securities and Exchange Commission Pages: 2 (723 words) Published: April 13, 2011
How did the organizational leadership come into play?
The organizational leadership of BLMIS (Bernard L Madoff Investments Securities LLC) was headed by none other then Bernie Madoff himself. Bernard L. Madoff was the direct leader of the largest Ponzi scheme in history and despite the fact that Madoff claims he acted alone, there are some key players within the Madoff organization that are co-conspirators in the Madoff ponzi scheme. Daniel Bonventre, Madoff's former operations chief/accountant who worked for Madoff since the late 1960s, faces conspiracy, securities fraud and tax charges. Enrica Cotellessa-Pitz, Madoff's former controller started working at BLMIS in 1978. Enrica shifted money between bank accounts and various parts of the BLMIS organization. Frank DiPascali Jr, Madoff chief financial officer who has been arrested for committing securities fraud by overseeing Madoff’s entirely fictitious investments and for creating millions of fake documents to conceal the fraud from regulators and investors. The leadership did not stop there as his long time secretary and back office supervisor, Annette Bongiorno who worked for Madoff for 40 years and Joann Cupri who had worked for Madoff for 25 years and dealt with the firms daily cash balance have been charged with helping the disgraced investment banker fool investors for decades by making fictitious investments. They're also accused of cashing in on the legendary Ponzi scheme themselves. Peter Madoff, Bernie Madoff’s brother served as chief compliance officer had started the company with Bernie and has been accused of helping Bernie Madoff with his epic ponzi scheme. Bernie’s two sons Mark and Andrew also work at BLMIS and both started working at the company when they were in their early 20’s. Their job was to supervise the desks that dealt with stock trading (Henriques). How did ethical behavior and responsibility differ between employees and management? It is clear...
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