Madoff Ponzi Scheme

Topics: Bernard Madoff, Ethics, Morality Pages: 4 (1474 words) Published: July 30, 2010
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.

It all began in Laurelton, New York where Bernie, his brother Peter, and their older sister Sondra were raised. His parents both Ralph and Sylvia ended up being in trouble with the government on separate occasions. His father Ralph got in trouble with the government because he owed a tax debt. “Along with three people, he owed a tax debt of $13,245.28 (about $100,000 in today’s dollars) that caused the IRS to place a lien on the Madoff home” (Bandler and Varchaver pg. 5). His mother Sylvia was investigated by the Securities and Exchange Commission along with several other broker – dealers being accused of failing to file reports of their financial condition, but in January of 1964 the case was dismissed by the Securities and Exchange Commission. It is almost like he was brought up to do what he did. Not that his parents did the exact same thing he did, but they were trying to find a quick and easy way to make as much money as possible. The only difference is that Bernie took it to the next level when he decided to play around with other peoples monies instead of just his own. Because both of his parents were involved in securities and because of this his friend Joe Kavanau said that Bernie always knew from a young age that he was going to go into the same line of work.

Bernard “Bernie” Madoff began his scheme about his investments in the early 1960’s. He got married Thanksgiving 1959 and two days later is when the Ponzi scheme began to come alive. “Two days later he found the time to fill out an SEC application to register his own self – named broker –...
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