Preview

Bernard Madoff: The Cause Of White Collar Crimes

Good Essays
Open Document
Open Document
292 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Bernard Madoff: The Cause Of White Collar Crimes
Other than the reasoning of white collar crimes costing billions of dollars annually to our government, criminals of this sort usually don’t get caught right away, if at all. Without the proper punishment of these criminals they can just rob us of our money day by day. It can happen to any of us that are operating inside of a business. Many of these menaces in their corporation do their work in silence and under unanimous making it very complex to detain said person. While other types of criminals are out vandalizing the streets, slanging dope, and even robbing your old ladies purse, white collar criminals are invisible, most of the time, to the government. Untouchable, one could say, due to the fact that the police force prioritizes their time with eating donuts and handing out speeding tickets.
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    The Bernard Madoff Ponzi Scheme Scandal
    • 324 Words
    • 2 Pages

    The Bernard Madoff Ponzi Scheme Scandal

    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
    Read More
  • Good Essays

    Bernard Madoff: Fraud Of The Century
    • 396 Words
    • 2 Pages

    Bernard Madoff: Fraud Of The Century

    In the case of Bernard Madoff, an overview was provided that describes the fraud of the century. As a result of the Ponzi scheme, social attitudes toward the investment industry were lukewarm. I will describe the highlights of the case.…

    • 396 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Case 1.12:Madoff Securities
    • 1261 Words
    • 6 Pages

    Case 1.12:Madoff Securities

    Professional auditing standards discuss the three key “conditions” that are typically present when a financial fraud occurs and identify a lengthy list of “fraud risk factors.” Briefly explain the difference between a fraud “condition” and a “fraud risk factors,” and provide examples of each. What fraud conditions and fraud risk factors were apparently present in the Madoff case?…

    • 1261 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    White Collar Crime Case Study
    • 2060 Words
    • 9 Pages

    White Collar Crime Case Study

    In this case well no he didn’t do. 2) Next is concealment, this one he did do by compiling mass amounts of paperwork, and case files from not only the U.S. government, but other companies and governments as well. 3) The third is violation of trust, or abuse of power, and trust. This one is a little tricky because of the law that states on the theft, compiling and use of government documents. He had the power to view these documents and the trust from the government to see such thing so when he went out on a limb and published those in a webpage format then he violated this rule, or element. The other thing is that he is NOT a citizen of the U.S. therefore the first amendment right would not apply to him. Because of this; it is an American document, and doctrine. So implies the Espionage act which he falls under and has violated. So the final question in this topic is he a criminal, well yes he is because of the amount of data, and the amount of sensitive information that he and his team has exposed. White collar crime yes because he leaked in cyber form information that could cause harm, and damages to a nation, person, or group. The tricky part is the prosecution of this case because of the international retaliation act, and the whistleblowers law at here in the U.S. both of these can be seen as a a way to allow him to continue processing…

    • 2060 Words
    • 9 Pages
    Powerful Essays
    Read More
  • Better Essays

    Business Case Against Bernie Madoff
    • 1722 Words
    • 7 Pages

    Business Case Against Bernie Madoff

    Bernie’s scheme hurt a lot of people and affected almost everyone. The most obvious are the people that directly invested their money with him. They lost everything. Some companies that handled retirement plans, college savings plans, and/or mortgages took the money given to them by many different customers (in one case 80% of their clientell) and created a feeder fund to invest with Bernie. Their clients often lost everything without even knowing he had their…

    • 1722 Words
    • 7 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Martha Stewart White Collar Crimes
    • 291 Words
    • 2 Pages

    Martha Stewart White Collar Crimes

    White collar crimes committed by people with high status, money, or power generally tend to get a lighter sentencing than street crimes. People with power, have the money and the resources to get out of tough situations…

    • 291 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Ac573 Week 1
    • 578 Words
    • 3 Pages

    Ac573 Week 1

    The principle agents who expose white collar crimes in contemporary society are informers, whistleblowers and investigative reporters. Informers would consist of the people like politicians who usually give information to receive a lesser sentence or the like for their own involvement. This is very popular here in IL where the politicians are tried and convicted and then become witnesses testifying against one of their fellow conspirators. These informants are motivated by their sense of self-preservation. However, they can be reluctant to tell as there may be a fear of retaliation to them or to their families. Also, there are whistleblowers who, in my opinion, are usually driven by moral and ethical values. These brave people are the ones who brought companies, like Enron, to the forefront. They are your everyday employees who see something wrong, and bring it to the attention of those who can enforce the laws that are in place. Moreover, they could be reluctant to tell anything due to fear of being blacklisted, loss of employment, or being ostracized among other negative reactions. Sometimes the negative social and financial repercussions outweigh the benefits of doing what is morally right. Last, there are investigative reporters. These professional bring issue to the forefront, when it appears that they are being overlooked by society. A good example of this is a news story that showed, at different construction sites, workers asleep on the job, wasting tax payer money. Another story involved politicians being investigated for giving contracts to friends and family. Investigative reporting is motivated by professionals who want to bring to the forefront the crimes of companies and…

    • 578 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Bernie Madoff's Decades-Long Ponzi Scheme
    • 61 Words
    • 1 Page

    Bernie Madoff's Decades-Long Ponzi Scheme

    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
    Read More
  • Good Essays

    The Bernie Madoff Ponzi Scheme
    • 346 Words
    • 2 Pages

    The Bernie Madoff Ponzi Scheme

    The Bernie Madoff Ponzi scheme was life altering for numerous individuals who trusted in Madoff with their life savings and hard-earned wealth. Although the original scandal made headline news over eight years ago lawsuits and other remnants still remain. In 2013, one of largest organizations that people believe contributed the J.P. Morgan (JPM) agreed to settlement with a onetime payment of $billion dollars (J.P. Morgan Chase Will Have To Pay A Fine, 2013). Although many believe that JPM was the blame for not breaking the news of the Ponzi scheme sooner due to obvious red flags related the Madoff laundering money in and out of accounts held at the bank, JPM has still taking the stance that they were not to blame. Furthermore, in 2015, another…

    • 346 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    CJR ASSIGNMENT 1 WHITE COLLAR CRIMES
    • 553 Words
    • 2 Pages

    CJR ASSIGNMENT 1 WHITE COLLAR CRIMES

    Introduction: This paper will explain why the topic of White Collar Crime needs to be researched and what actions should be taken, while during the research.…

    • 553 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    "Crimes of the powerful go largely unreported, undetected, and unpunished." Discuss.
    • 2354 Words
    • 8 Pages

    "Crimes of the powerful go largely unreported, undetected, and unpunished." Discuss.

    Studies by Sutherland (1949/67, cited in Hughes et al, 1996 p.244) described the types of crimes the powerful commit as, "...violations of law by persons in the upper socio-economic class are, for convenience called 'white collar ' crimes" There are many different kinds of white collar or "corporation" crime, ranging from fraud, embezzlement, insider trading, to health and safety, environment crime, tax evasion, and crimes against the consumer.…

    • 2354 Words
    • 8 Pages
    Better Essays
    Read More
  • Powerful Essays

    White Collar Crime In The Australian Criminal Justice System
    • 1886 Words
    • 8 Pages

    White Collar Crime In The Australian Criminal Justice System

    * Lack of public fear- people fear violent crime. However white collar/corporate crime is not feared in the same way…

    • 1886 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    The Negative Effects Of White Collar Crime
    • 217 Words
    • 1 Page

    The Negative Effects Of White Collar Crime

    White caller crime is slow poison for the human society. There are many negative effects associated with society. Such as economical effect and social effect. In social effect people have to lose money and in social effect, the negative effect is connected with the family. If any case your personal information are hacked by hackers so it will huge problem for us and it creates many issues on social life. Because hackers can use those information for unethically purpose. According to my understanding, white collar crime is not victimless crime. White collar crime commits manly in public sectors. Therefore, people are the main victims in the white collar crime.…

    • 217 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Powerful Essays

    Bernard Madoff
    • 1489 Words
    • 6 Pages

    Bernard Madoff

    References: A (Very Brief) Encyclopedia of Securities Fraud. (n.d.). Retrieved April 20, 2009, from http://www.abanet.org/buslaw/blt/2007-03-04/donley.shtml…

    • 1489 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Bernie Madoff Case
    • 412 Words
    • 2 Pages

    Bernie Madoff Case

    The issue of whether HSBC had an adequately incredible and essential effect in revealing Bernie Madoff is very controversial. However, after very careful consideration, I believe that HSBC’s role had a sufficiently great and important impact in uncovering Bernie Madoff.…

    • 412 Words
    • 2 Pages
    Satisfactory Essays
    Read More

Related Topics