to discuss the Post with some basic concepts based on the research about the "Classic affinity scam" or "Ponzi Scheme" also called as "Madoff Investment Scandal".This Scam was estimated worth of $64.8 Billion which resulted in collapse of Investments in the global community and effected from the prominent celebrities to the veteran pensioners. Bernard Madoff the founder of Bernard.L.Madoff Investment securities LLC in the early 1960’s was it chairman and also had some prominent positions like
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Moreno Analyzing Ethical Behavior The Ethical Failure of the corporate G I A N T S In the course of this report‚ it will show the comparison of the ethical aspect of two well-known corporate giants‚ Enron and Bernie Madoff. The first subject Bernard Lawrence "Bernie" Madoff‚ Broker‚ Investment guru‚ Financier. Once herald as a financial king‚ he in his reign overnight turned white collar criminal‚ which led to a quick and easy demise. Second‚ Enron Corporation‚ known for energy and commodities
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(2011). Fraud Prevention Measures. Retrieved from‚ http://www.bc.edu/offices/audit/fraud/fraudprevent.html Zambito‚ T.‚ & Smith‚ G. (2008‚ December 13). Feds say Bernard Madoff’s $50 Billion Ponzi Scheme Was Worst Ever. NY Daily New on the Web. Retrieved from‚ http://articles.nydailynews.com/2008-12-13/news/17913355_1_bernard-madoff-madoff-securities-ponzi-scheme
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Bernie Madoff‚ former chairman of the NASDAQ Stock Exchange ran one of the biggest Ponzi schemes in U.S. history (Stanwick & Stanwick‚ 2015). Madoff took money from many people and organizations who invested in his fake company promising them above average returns for their investment. Using a small staff along with a couple of family members Bernie Madoff was able to scheme millions of dollars from over 13‚000 people all over the world only to benefit from the scheme leaving others penniless and
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Emerging issues in Accounting Below is the list of some of the emerging issues we have seen recently. These emerging issues have raised many questions on the functioning of accounting around the globe. Continuing demand for skilled professionals Globalization and International Financial Reporting Standards (IFRS) The accountant and Corporate scandals. The call for Auditor rotation. Need for Global Code of ethics Technology advances We will discuss one of the emerging issues in details. We will
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on one interesting point you have found. Research into Scandals Choose one of the following corporate scandals. I have given one link to an overview article for each example. You are also required carry out your own research. • Bernard L. Madoff Investment Securities LLC: http://www.nytimes.com/2009/01/25/business/25bernie.html • Fortex Limited http://www.knowledge-basket.co.nz.ezproxy.auckland.ac.nz/search/doc_view.php?d1=ffx95-03/text/1996/03/03/doc03443.html (This article
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The 10 Worst Corporate Accounting Scandals of All Time If there is one theme to rival terrorism for defining the last decade-and-a-half‚ it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here’s a chronological look back at some of the worst examples. Waste Management Scandal (1998) Company: Houston-based publicly traded waste management company What happened: Reported $1.7 billion in fake earnings. Main players:
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chairman of NASDAQ (The Madoff Affair 2008). Bernie was sentenced to 150 years in prison for one of the biggest most fraudulent schemes (Business Insider 2014). He was charged with multiple counts of fraud‚ money laundering‚ theft‚ and perjury. Bernie manipulated numerous investors into handing over their earnings‚ and then guaranteeing them a profit in return of their investment. He conned all his investors out of almost $65 million dollars (Business Insider 2014). Madoff used a Ponzi scheme that
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moral dilemmas don’t come before us and announce themselves‚ how can we do a better job of seeing them coming? What can be learned from moral mistakes? 6. How‚ if at all‚ does your view of other moral mistakes you read about (e.g. Enron‚ Bernie Madoff‚ the financial crisis) change in the wake of considering this
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The short stories‚ “the Magic Barrel” and “The German Refugee” displays Bernard Malamud’s sorrow over his mother’s death. “The Magic Barrel” is about a young Jewish man named Leo Finkle‚ who has been studying six years to be a rabbi at a Jewish university called Yeshiva University in Brooklyn‚ New York. The story is ultimately about this man’s quest to find a wife‚ because one of his colleagues told him when he was ordained as a rabbi‚ a wife would make it easier for Leo to win a congregation over
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