Running head: BERNARD MADOFF “If it Sounds too Good to be True” Larry Weyer Business Dynamics South University Abstract What can cause a man to take from so many for so long? What kind of human being can make promises that may only be fulfilled if someone else is left holding the bag? Throughout history‚ there have been many thief’s and cheats who have stole or ‘borrowed’ way past their limits and many who still financially plague society. In recent light‚ Bernard Madoff is the man on
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1. What are the ethical issues involved in the Madoff case? 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
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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
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Fraud of the Century: The Case of Bernard Madoff December 2008 Case Study 11 Maria E. Delgado Madoff Ponzi Scheme Bernard Madoff took his investors for $65 billion over the course of nearly two decades. His list of victims includes billionaires‚ celebrities‚ individual investors‚ banks‚ and charities. His scheme was revealed when he confessed in March 2009‚ when he pleading guilty to the charges against him‚ and was then sentenced to 150 years in prison. Madoff was successful for so long because
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Madoff: Greed over Ethics? Bernard Lawrence Madoff is a former American stockbroker‚ investment advisor and financier that surprised the world of finance when it was uncovered that he had been operating the largest Ponzi scheme in history for near two decades. The fraud worth approximately 65 billion dollars ruined the lives of many who had trusted Madoff with their money and admired him as successful‚ charismatic‚ smart and exceptionally good at his job. Some even considered him as a hero‚ including
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Bernard Lawrence Madoff‚ a former chairman of the NASDAQ Stock Market and founder of Bernard L. Madoff Investment Securities‚ was one of the few NASDAQ market-makers who competed with the New York Stock Exchange‚ by trading stocks listed on the Big Board. Through the Cincinnati exchange‚ the Madoff was a pioneer in electronic trading and publicly spoke of the need to use technology to transform the inefficient and sometimes shady over-the-counter stock market (Monica Gagnier‚ 2008). But Madoff became
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e)The Ponzi Schem( Bernard Madoff First Semester - 2012 Contents: Name of the company…………………………………………………………2 Field of the company…………………………………………………...…..2 The Ethical dilemma or issue‚ which faced the company………………..2 The Consequences of ethical dilemma……………………………....….…3 -Economical consequences………………………………………....……3 - Social consequences……………………………………………..……..3 - Political consequences…………………………………………
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EXECUTIVE SUMMARY In the aftermath of the revelation that Bernard Madoff ’s investment fund was a tremendous Ponzi scheme‚ businesses have fallen under heavy scrutiny and continue to be challenged by the public as the result of a growing mistrust in the way business is conducted. Issues in management practices‚ like conflict of interest‚ can be raised from this debacle. Madoff developed a culture of individualism and arrogance that silenced any insurgence. His communication and manipulation
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20102004 Thi Ngoc Thuy Do 1. What are the ethical issues involved in the Madoff case? Bernard Madoff was accused of fraud and creation of a Ponzi scheme which lead to a $65 billion investment loss for hundreds of investors in over the world. Bernard Madoff started a legal business by buying and selling over the counter stocks that were not listed on NYSE. He deceived many people into thinking his operation as legitimate‚ and completely abused his respectable name and position
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Schemes 16 The SEC Failure 17 SEC post- Madoff 19 Hedge Fund Transparency 20 Conclusion 21 Bibliography 25 Tables Table 1: List of Madoff Clients (taken from the "The New York Times"‚ last updated June 24‚ 2009) 15 Table 2: 2009 Ponzi Scheme SEC Charges 17 Figures Figure 1 Fairfield Sentry vs Gateway 6 Figure 2 Madoff Investor Funds (taken from http://orgnet.com/madoff.html) 7 Introduction Operating from central Manhattan‚ Bernie Madoff developed the first and biggest global Ponzi
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