How Did Bernie Madoff Not Work Alone

Topics: Enron, Finance, Corporate governance, Ethics, Enron scandal, Accounting scandals / Pages: 2 (282 words) / Published: Dec 19th, 2016
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. …show more content…
For very large entities, the process becomes murky, in that many corporations hire former SEC employees, thus giving them a backdoor negotiation channel. I believe Madoff began his deception alone and took in confidantes as the scheme grew larger and more difficult to manage. Madoff's brother, Peter, and sons Andrew and Mark, all executives in the Madoff Company, are suspected of assisting Bernie Madoff in his Ponzi scheme. Four employees in addition to an outside accountant have already been charged with assisting Madoff with this multibillion-dollar Ponzi scheme. Additionally, the SEC believes there are many more employees and traders who may have assisted or at least known of the corruption, yet are having a difficult time in obtaining evidence to bring them to trial (CBS,

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