Preview

Bernie Madoff Apa Paper

Better Essays
Open Document
Open Document
1301 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Bernie Madoff Apa Paper
Bernard Lawrence “Bernie” Madoff
Shamele Jones
Strayer University

ENG 215
Professor Erica Ellsworth
August 05, 2011

Thesis
Bernie Madoff was one of the most prolific Ponzi-scheme artists in history. Madoff schemes netted him millions of dollars. Mr. Madoff used his BMIS Bernard L. Madoff Investment Securities a New York Limited Liability company, to commit fraud, money laundering, and perjury. This is just a few things that Mr. Bernard Madoff has done to many innocent investors, who believed in Mr. Madoff, and everything he stated. Due to Mr. Madoff’s action he has changed so many people’s lives. Some have lost everything, some committed suicide, and others just humiliated by Mr. Madoff. This paper is to tell you about Mr. Madoff plans, intentions, and a few people who got scammed, and hurt along the way.
Key points 1. Bernie Madoff was one of the most prolific Ponzi-scheme artist in history 2. Mr. Madoff used his Bernard L. Madoff investment securities company to commit fraud. 3. Bernard Madoff has changed many people’s lives due to his deceitfulness. 4. Mr. Madoff plans and intentions will be told.

Bernard Lawrence “Bernie” Madoff
On April 29, 1938 Bernie Madoff, Former Stock broker, investment advisor, non-executive chairman of the NASDAQ was born. Mr. Bernie Madoff and BMIS engaged in three different operations namely investment advisor services, market making services, and proprietary trading (www.biography.com2010). Mr. Madoff oversees and controls the investment advisor services at BMIS Bernard L. Madoff Investment Securities a New York Limited Liability company that maintains its principal place of business within the district at 885 Third Avenue, New York, New York. There were 1 through 100 consist of individuals, corporations, partnerships and entities to be determined, each of whom is believed to have violated plaintiffs rights, and have aided, abetted and conspired to violate plaintiffs rights; or is the successor



References: 1. (www. telegraph.co.uk) 2. (www.NYtimes.com) 3. (www.Wikipedia.org) 4. (www.wsj.net) 5. Manager and The Legal Environment (Bagley/Savage,2010 Custom Edition) 6. www.biography.com 04/07/2010 7. (Mad Money, by Jerry Oppeheimer copyright 2009)

You May Also Find These Documents Helpful

  • Good Essays

    The Bernard Madoff “Ponzi Scheme” scandal was the biggest and lasted the longest financial fraud in the history of the US. Bernard Madoff was a financial adviser, and also the former chairman of the NADAQ. He established his investment firm named “Bernard L. Madoff Investment Securities LLC” in 1960. The Madoff Fraud is a typical “Ponzi Scheme”, in order to attract investors to give money to him, he convinced people to hand over their life saving, and promised them high returns rate, and then he used these money to make payments to those earlier investors. He took the investors for a $65 billion over the course of nearly two decades. In the end, Bernard was sentenced to maximum 150 years prison life and a forfeiture of $170 billion.…

    • 324 Words
    • 2 Pages
    Good Essays
  • Good Essays

    First, Bernard Madoff started a stock trading business in 1960 that was highly successful. This business consisted of buying and selling stocks that were not on the New York Stock Exchange. Conversely, once Pete Madoff came into the business, Bernard created the investment management business, which is where the fraud occurred. Bernard was a respected businessperson that served on boards and even created his own foundation. In the financial industry, Bernard Madoff was a powerful person with several…

    • 396 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Professional auditing standards discuss the three key “conditions” that are typically present when a financial fraud occurs and identify a lengthy list of “fraud risk factors.” Briefly explain the difference between a fraud “condition” and a “fraud risk factors,” and provide examples of each. What fraud conditions and fraud risk factors were apparently present in the Madoff case?…

    • 1261 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Bernie Madoff is known as The Great Ponzi. Bernie Madoff is a former American businessman,…

    • 349 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Bernard L. Madoff (Bernie) is still making news headlines. He is currently incarcerated for numerous illegal and unethical behaviors. I am going to: Describe three types of illegal business behavior alleged against Bernie and explain how the behavior is illegal or unethical. Name three types of parties who were impacted by the actions of Bernie and how. Describe three business safeguards that may have prevented the harm caused by Bernie. Describe three ways investors might have better protected themselves from risk. Describe three legal actions that possibly may be brought against Bernie under criminal or civil law. And provide an analysis…

    • 1722 Words
    • 7 Pages
    Better Essays
  • Good Essays

    1. What unhealthy motivations drove Madoff to defraud investors and betray his friends? The motivation is selfishness. This is based on noted greed (extravagant lifestyle and the need to continuously take more money), narcissism (feeling of entitlement and ignoring welfare of others), and Machiavellianism (manipulation of others for self-gain, creating positive impressions while he gets what he wants).…

    • 701 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Bernie Madoff did not work alone. One reason is because a scheme of this magnitude would have been difficult for one man, even one as smart as Madoff, to pull off alone. Because of his long career and the amounts being traded at the end of 2009, the probable answer is that some people involved with Madoff were knowingly skirting financial rules and procedures. Some should be made aware of the legal fuzziness that exists within the financial sector. Such fuzziness has, in part, been deliberately created either by rule omissions or by tactics that circumvent such rules. The SEC cannot hold individuals criminally liable for breaking SEC rules. The SEC can fine companies and ostracize people and firms from publicly trading on financial exchanges, but that is all.…

    • 282 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Bernie Madoff Essay

    • 203 Words
    • 1 Page

    Bernie Madoff held numerous high profile positions in the stock market community. I would even go as far as to label him as the master of networking. After graduating from Hofstra College, he marries his high school sweetheart, and proceeds to work for his father-in-law’s accounting firm as an investment advisor (Gaviria, Smith, & McCoy, 2009). As Madoff’s trading business grows over the next several years, he joins multiple committees as he begins to fight for regulatory changes in order to make trades easier and more convenient, not to mention he had been in business for decades. This gives Bernie Madoff the persona that he is educated, responsible, and respectable; which leads his to be trusted by many investors. (Ferrell, Fraedrich, &…

    • 203 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    3 Madoff

    • 458 Words
    • 2 Pages

    Based on your knowledge of White Collar Crime, these documents and any independent sources that you deem appropriate, please 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.…

    • 458 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    One of the most well known schemer and criminal of the white collar field was Bernie Madoff. The chameleon created an impression of being a nice and caring person at work, but ironically, deep down inside he was a deranged money hungry criminal. Many people could not believe the news they were hearing after he had confessed to the crimes he committed because he was really good at hiding the true person he was. He was a master at impression management. Quoted from Diana Goldberg “He was a hero to us, the head of NASDAQ. We were proud of everything he had accomplished”. They believed in him, he gained everyone’s trust by manipulating…

    • 1418 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    natural law is the same for everyone because as people we all share a common human nature. Aquinas was a firm believer that overall human nature was good, he felt that being knowledgeable and harmonious developed a healthy social life. In the beginning of Madoff’s career from the outside looking in it looked as if he had good intentions while he was working his way up the corporate ladder. Once he graduated from Hofstra University with his bachelor’s degree in political science he landed him in a job in the Manhattan stock market. Madoff was a hardworking employee and was well respected and liked among his colleagues and employers. Madoffs work eventually payed off as he used computer technology to develop stock quotes and developed the National Association of Securities Dealers Automatic Quotations. Madoff became the president of the NASDAQ and served on the board of the stock exchange. Madoff in the…

    • 440 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    No One Would Listen

    • 1165 Words
    • 5 Pages

    This book brought out the failures of the Securities and Exchange Commission (SEC) in one of the biggest Ponzi schemes in America’s history, as orchestrated by Bernie Madoff. Harry Markopolos caught up with Madoff’s Ponzi scheme earlier on in his career and saw all the red flags. There was no explanation of the continuous one percent yield in over forty five stocks that Madoff dealt with. Madoff took advantage of the laxity by the SEC officials in failing to follow up complains with an investigation, and the trust bestowed upon him by the high and mighty. As long as the public saw paper trail provided by Madoff that the stocks were continuously yielding dividends, there was no cause for alarm. The few people that realized that Madoff was actually pushing a Ponzi scheme alerted the appropriate authorities which in turn let Madoff off with a slap on the wrist. The SEC went to investigate Madoff in his building on the 18th and 19th floor but missed a whole 17th floor where the scam was mainly doing its operations. Over a period of nine years Markopolos alerted the SEC five times about the Ponzi scheme that Madoff was running, but they caught up with him when most of the money was already spent lavishly in gifts and exorbitant parties.…

    • 1165 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Bernie Madoff Ethics

    • 1459 Words
    • 6 Pages

    This paper will discuss the matters of Bernard “Bernie” Madoff. Are his actions to be deemed unethical, immoral, or both immoral and unethical? Madoff plead guilty to conducting his $65 billion Ponzi scheme. This in turn led him to be charged with several counts of money laundering amongst other things. His world came crumbling down around him the day after the company’s Christmas party in December of 2008.…

    • 1459 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Bernard Madoff

    • 1489 Words
    • 6 Pages

    In court, he stated that he began by promising strong returns even though the stock market was not doing very well and the country was in a recession during the 90’s. Bernard L. Madoff Investment Securities LLC was his firm that was used to con thousands of people out of their money, some of the funds provided by his customers were, life savings or retirement funds. Madoff was not shy to admit that he knew the day…

    • 1489 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Bernie Madoff was a thief, plain and simple. He was a greedy, selfish, self-indulgent con artist, no different from any other grifter that you meet, except because of who he was, he was able to pull the con off on a grander scale. Madoff used his name and position and the legitimacy of his first business to draw people into his Ponzi scheme (like a pyramid scheme where one takes money from newer clients to pay older clients). He misrepresented (the kinder word) or lied (if you want the truthful description) to his friends and clients from the beginning and as later documented in his allocution, he never invested any of the money he got. It would have been different if this scheme formed from some bad business decisions and he did this in response to that and was trying to save some of his client’s money, but it wasn’t. Madoff originally provided his clients the 10-12% returns on investment that he offered, but it appears that with the increase in funds, the persons that benefitted the most from the Ponzi scheme was Madoff and his family. They all shared in an expensive and lavish lifestyle bordering on the garish with its excesses. He appeared to hire incompetent people so no one would be the wiser to what he was doing which was a disservice to his clientele. He also appeared to have used some of his misbegotten gains and infused them into his legitimate business therefore, putting it at risk. Nepotism was rampant in Madoff’s business which is why many people believe his family had to be involved more than just the sons and the confession of the scheme.…

    • 1171 Words
    • 5 Pages
    Good Essays

Related Topics