Preview

Who Was Bernard Madoff An Egoist?

Good Essays
Open Document
Open Document
472 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Who Was Bernard Madoff An Egoist?
Bernard Madoff is an egoist because he was only interested in making money for himself. He stole 6.5 billion dollars and 2.4 trillion dollars was gone. He deposited the money he stole in his bank accounts. The accounts were spread all over the countries. His wife had access to those accounts and pulled out all of the money, instead of offer to give families some of their money back. Madoff was worried himself and his family. He was taking money from others so he could have a nice life.
Bernard Madoff is a utilitarian because he believed that he could help people gain more money. He promised to his investors that their money would grow and grow. People made 18% back on their money and Madoff only made 10%. Madoff investor made back more of their money than they had invested but that was only for those pulled their money back out.
…show more content…
He would take one for every five dollars that was earned. The money that was skimmed was placed into offshore bank accounts. He was taking money from cash sales avoid claiming it on taxes. Antar would falsely use inventory information by putting off used goods and new goods. Antar used his family member as a auditor so he would be able to falsify their inventory. He would fake insurance claims on damaged goods so he could get insurance money from those goods. He was only hiring family members to help skim money from the company. He cashed out the stock for the company before it crashed. When he sold his company, he scammed the new owners. The new owner quickly found out about the false inventory. Antar fled the country and left Sammy, the spy auditor, for the

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
  • Satisfactory Essays

    In addition to The Economic Entity Assumption was a principle that continued to be violated throughout Madoffs operations. Transactions have to be recorded correctly while booking, including keeping certain transactions separated if its not related to the business. You should never mix your personal transaction with your business transactions. However, Madoff was no stranger to breaking this accounting principle. He over the years he made several transactions that would be considered unethical, because funds for business was used for personal use. accounting rule. In the article "Too Good to Be True" "Madoff began regularly wiring money to the London office to pay for personal luxuries. He purchased the $7 million Leopard Yacht in the…

    • 187 Words
    • 1 Page
    Satisfactory 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
  • Satisfactory Essays

    One hundred and fifty years in prison. Shame brought to his family for bankrupting so many friends. Suicide by his son. These are the costs Bernie Madoff incurred for running a decades-long Ponzi scheme that appropriated an estimated $18 billion from investors. If Madoff was just maximizing his income, then why did so many cheer when he did the "perp…

    • 61 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    Crazy Eddie Fraud Case

    • 945 Words
    • 3 Pages

    From the get go, Antar had the mind of fraud. He was not going to play by the rules. He started business by skimming money off of cash sales before they hit the register. The less cash he had to report, the less taxes he had to pay. With his tight knit family working for him, the skimming got to the point for every $5.00 brought in, $1 was taken out. By the time the second store was up and running, Antar had profited hundreds of thousands of dollars from skimming. He paid his family under to table cash from the money taken from these illegal profits.…

    • 945 Words
    • 3 Pages
    Satisfactory 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
  • 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

    Many of Thomas Aquinas moral ethics are still relevant today in the United States simply because the natural and human laws are apart of the US Constitution which applies to everyone in the American society. Aquinas simply states a right or wrong solution to his models using works from Aristotle and the bible to justify the three laws he applies. Theft and robbery were acts that went against the natural law. Bernie Madoff was guilty of violating his human rights of the natural law by committing Theft, and Fraud. Bernie Madoff was a well-known and respected stockbroker who committed the largest white-collar crime in Wall Street history. Madoff was found guilty for eleven felony counts and sentenced to 150 years in jail. Madoff used a ponzi scheme to collect investors money giving the investors intentions each person would be promised a gain of ten percent or more. Madoff greed not only affected the rest of his life in a horrific way but it also affected the common good of the community.…

    • 440 Words
    • 2 Pages
    Satisfactory 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
  • Good Essays

    Internal Fraud Case Study

    • 653 Words
    • 3 Pages

    This case is about the $4 million embezzlement fraud by an employee of a magazine publisher, and how the fraud was discovered. The type of fraud discovered was a billing scheme that was found on accident. A billing scheme is, “Any scheme in which a person causes his employer to issue a payment by submitting invoices for fictitious goods or services, inflated invoices or invoices for personal purchases.” 1 In this case, it just so happened that the new chief internal auditor decided to stop by the accounts payable department to collect a series of recently submitted invoices so that he could meet with the vice president to understand how the accounting codes work. In doing so, they found that a number of invoices had been forged. According to the 2010 Global Fraud Studies, “11% of the time, victim organizations either had to stumble onto the fraud or be notified of it by a third party in order to detect it.” 2 With coincidence one, the investigation revealed that the forgeries were coming from the painting operations in its facilities department, in which was overseen by Albert Miano. Miano started his scheme by creating false invoices for the jobs done by painters. He would not reinvoice exactly the same work done during a week, but he would make it look similar to where no one would ever become suspicious. The opportunity for Miano to commit fraud came into play when he was allowed to go and collect the approved invoices and insert his own replicated fraudulent invoices as approved. He also was the one who transported the invoices and collected…

    • 653 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Mill Utilitarianism Essay

    • 1086 Words
    • 5 Pages

    First, utilitarianism allows for the good of all. Mills wrote, "Actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness." Because morality is based on the greatest pleasure the more people who benefit from an act, the more…

    • 1086 Words
    • 5 Pages
    Good Essays
  • Good Essays

    The definition of utilitarianism is that the morally good thing to do is to pleasure the greatest number of people or animals for the least amount of suffering. For example you can rationalize killing a mass murderer before he kills even more people. Therefore taking the life of one person to save the life of many more.…

    • 1431 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Utilitarianism is based on the principle of utility by John Stuart Mill. It is the belief that people ought to concern themselves with the greatest happiness for the greatest number of people (MacKinnon, Fiala, 2014 p. 356). With utilitarianism, the belief if about the consequences of the action and how it affects all involved. What makes an action moral is its effects, the motive for the action does not matter. For example, let’s use helping an old lady across the road. The helper might have the motive of getting paid,…

    • 635 Words
    • 3 Pages
    Good Essays