Ponzi Scheme
I would like 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 chairman of NASDAQ stock exchange and positions for several industry regulatory boards as well as most powerful or influential person of "Wall Street". He was the most trusted person until his act of Ponzi scheme was discovered.In this …show more content…
As Madoff advanced with making the largest deals with firms like firms like Fair fax that had made a "feeder fund investment" and also with European based firm run by Villehuchet and also no of small groups that he had links with,like the country club, Long Island Jewish Community.This had almost 162 pages worth of investors that had invested in to his wealth Management …show more content…
Conclusion: This has shown that the so called federal organization"SEC" fear prominent and influential people and work under them.If a any of the staff of SEC would have testified against Madoff, he would have been killed.In a developed country it is unfortunate that,their is no protection for truth neither it is cared for until the situation worsens and becomes an eye-opener.As many as agencies either in the state or at federal level could not investigate such frauds, but have priorities for other unwanted activities.The pure negligence if in future could result in causing effects like" Great depression","economic slow down" and "Recession" which would lead to other
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 chairman of NASDAQ stock exchange and positions for several industry regulatory boards as well as most powerful or influential person of "Wall Street". He was the most trusted person until his act of Ponzi scheme was discovered.In this …show more content…
As Madoff advanced with making the largest deals with firms like firms like Fair fax that had made a "feeder fund investment" and also with European based firm run by Villehuchet and also no of small groups that he had links with,like the country club, Long Island Jewish Community.This had almost 162 pages worth of investors that had invested in to his wealth Management …show more content…
Conclusion: This has shown that the so called federal organization"SEC" fear prominent and influential people and work under them.If a any of the staff of SEC would have testified against Madoff, he would have been killed.In a developed country it is unfortunate that,their is no protection for truth neither it is cared for until the situation worsens and becomes an eye-opener.As many as agencies either in the state or at federal level could not investigate such frauds, but have priorities for other unwanted activities.The pure negligence if in future could result in causing effects like" Great depression","economic slow down" and "Recession" which would lead to other