Bernie Madoff Organizational Leadership
How did the organizational leadership come into play?
The organizational leadership of BLMIS (Bernard L Madoff Investments Securities LLC) was headed by none other then Bernie Madoff himself. Bernard L. Madoff was the direct leader of the largest Ponzi scheme in history and despite the fact that Madoff claims he acted alone, there are some key players within the Madoff organization that are co-conspirators in the Madoff ponzi scheme. Daniel Bonventre, Madoff's former operations chief/accountant who worked for Madoff since the late 1960s, faces conspiracy, securities fraud and tax charges. Enrica Cotellessa-Pitz, Madoff's former controller started working at BLMIS in 1978. Enrica shifted money between bank accounts and various parts of the BLMIS organization. Frank DiPascali Jr, Madoff chief financial officer who has been arrested for committing securities fraud by overseeing Madoff’s entirely fictitious investments and for creating millions of fake documents to conceal the fraud from regulators and investors. The leadership did not stop there as his long time secretary and back office supervisor, Annette Bongiorno who worked for Madoff for 40 years and Joann Cupri who had worked for Madoff …show more content…
Every deposit and withdrawal would need to go through a compliance department derived of lawyers and accountants, which would investigate every dollar going in and out, as well as approve every new customer being brought into the company. The SEC would need to become more accountable for the trade community by appointing audits every 3 years of all business affairs from every profitable investment firm that is seeing unusual success. Last, but not least I would not have any investment service owner sitting on the SEC board as Madoff
The organizational leadership of BLMIS (Bernard L Madoff Investments Securities LLC) was headed by none other then Bernie Madoff himself. Bernard L. Madoff was the direct leader of the largest Ponzi scheme in history and despite the fact that Madoff claims he acted alone, there are some key players within the Madoff organization that are co-conspirators in the Madoff ponzi scheme. Daniel Bonventre, Madoff's former operations chief/accountant who worked for Madoff since the late 1960s, faces conspiracy, securities fraud and tax charges. Enrica Cotellessa-Pitz, Madoff's former controller started working at BLMIS in 1978. Enrica shifted money between bank accounts and various parts of the BLMIS organization. Frank DiPascali Jr, Madoff chief financial officer who has been arrested for committing securities fraud by overseeing Madoff’s entirely fictitious investments and for creating millions of fake documents to conceal the fraud from regulators and investors. The leadership did not stop there as his long time secretary and back office supervisor, Annette Bongiorno who worked for Madoff for 40 years and Joann Cupri who had worked for Madoff …show more content…
Every deposit and withdrawal would need to go through a compliance department derived of lawyers and accountants, which would investigate every dollar going in and out, as well as approve every new customer being brought into the company. The SEC would need to become more accountable for the trade community by appointing audits every 3 years of all business affairs from every profitable investment firm that is seeing unusual success. Last, but not least I would not have any investment service owner sitting on the SEC board as Madoff