EXECUTIVE SUMMARY In the aftermath of the revelation that Bernard Madoff ’s investment fund was a tremendous Ponzi scheme‚ businesses have fallen under heavy scrutiny and continue to be challenged by the public as the result of a growing mistrust in the way business is conducted. Issues in management practices‚ like conflict of interest‚ can be raised from this debacle. Madoff developed a culture of individualism and arrogance that silenced any insurgence. His communication and manipulation
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Bernie Madoff Bernard (Bernie) Madoff committed this century’s largest Ponzi scheme to date. First we will define Ponzi Scheme – it is a fraudulent pyramid scheme where original investors are paid their gains out of new investors money so it would appear to old investor that the scheme (business) is producing an unusually large return (Albrecht‚ 2009). The Ponzi scheme that Madoff created and pulled off for years was quite intricate. In a standard pyramid scheme each victim unknowingly brings in
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20102004 Thi Ngoc Thuy Do 1. What are the ethical issues involved in the Madoff case? Bernard Madoff was accused of fraud and creation of a Ponzi scheme which lead to a $65 billion investment loss for hundreds of investors in over the world. Bernard Madoff started a legal business by buying and selling over the counter stocks that were not listed on NYSE. He deceived many people into thinking his operation as legitimate‚ and completely abused his respectable name and position
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Academic Services Learning Development Course Code: PP0701 An Introduction to PowerPoint 2007 Version 1.0 www.istraining.bham.ac.uk What’s New in PowerPoint 2007? PowerPoint 2007 is very different from previous versions of the program. The table below gives you an overview of what to expect. Table 1: What’s New in PowerPoint 2007 New user interface Live Preview Themes Create a custom layout Presenter view Save as PDF Digital Signature Allows you to preview how a formatting change
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There are many ethical issues and failings in this case. For the love of profit‚ Bernie Madoff and his accomplices created and participated in what can be considered the greatest ponzi scheme in history. After several years in the securities and exchange industry‚ Bernie Madoff broke the law and deceived clients and investors in order to amass millions of dollars. It was unethical for him and others to prey on and betray the trust of investors. When he was repeatedly questioned by investigators‚
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Schemes 16 The SEC Failure 17 SEC post- Madoff 19 Hedge Fund Transparency 20 Conclusion 21 Bibliography 25 Tables Table 1: List of Madoff Clients (taken from the "The New York Times"‚ last updated June 24‚ 2009) 15 Table 2: 2009 Ponzi Scheme SEC Charges 17 Figures Figure 1 Fairfield Sentry vs Gateway 6 Figure 2 Madoff Investor Funds (taken from http://orgnet.com/madoff.html) 7 Introduction Operating from central Manhattan‚ Bernie Madoff developed the first and biggest global Ponzi
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explain what white collar crimes Madoff committed (including citing the applicable federal statutes) and describe the actions that he undertook that constituted the commissions of those crimes. Madoff and his investment firm was charged with securities fraud‚ for a multi-billion dollar Ponzi scheme. The scheme wasn’t revealed until Madoff himself confessed his crimes. The Federal Bureau of Investigation complaint says that during the first week of December 2008‚ Madoff confided to a senior employee
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2008 Bernie Madoff was arrested under the suspicion of fraud. His Wall Street firm‚ Bernard L. Madoff Investment Securities LLC‚ was founded in 1960. Madoff was the chairman of this company through its entire existence until his arrest. Ponzi Schemes such as the one Bernie Madoff started at his company have been around for years; the first being Charles Ponzi’s scheme in the 1900’s. Madoff made history through his scheme as it is considered one of the largest financial frauds ever. Madoff pulled the
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Bernard Madoff was born in Queens‚ New York on April 29th‚ 1938. Madoff graduated in 1960 with a Bachelor of Arts in Political Science from Hofstra University. He then went on to attend Brooklyn Law School‚ but quickly dropped out after he founded his firm‚ Bernard L. Madoff Investment Securities (BLMIS). Madoff started his firm with about $5‚000 he earned from working. He went on to seek investment and received it from his father-in-law‚ Saul Alpern. He used this investment received from Alpern
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I. Executive Summary There is plenty of blame to go around the “Madoff Scandal”; there are multiple theories how Bernie Madoff was able to pull such a cunning scheme for so long‚ but the question is‚ amidst all the finger pointing who is really to be held responsible for it? Upon reading the article‚ I cannot help but feel the same uneasiness in the situation Madoff is facing with the dilemma the Philippines is struggling with right now – the Napoles scam. He was caught up in a huge tangle of problems
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