Jones Brendan Woods 991 303 007 October-04-12 SOCS10261G Scams Frauds Identity Theft Crimes of Deception in the Information Age - Term 1129‚ Class 75036 Earl Jones and the Ponzi Tragedy Finances affect everyone’s life and the choices they make‚ increases and decreases of money are happing all around us in all of our everyday lives. There are several ways people make their income and people are satisfied with what they have‚ so we develop ways in order to gain more income and pleasure this
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Module Two: Ponzi Scheme Case Study Module two focuses on some of the theoretical approaches that criminologists use to help explain financial crimes occur (as well as crime in general). The module also focuses on Ponzi schemes. Your Task: Hypothetically‚ the bank of Canada has approached you to write a case study focusing on the crimes of Earl Jones that they can distribute to their financial advisors in order to inform them about Ponzi schemes. Your case study should address the following
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(2008): 69-72. Academic Search Premier. Web. 6 Apr. 2012. Handley‚ J. "Prevention of Plastic and Cheque Fraud Revisited ." National Criminal Justice Reference Service (1998): n. pag. NCJRS Abstract. Web. 18 Apr. 2012. Lewis‚ Lionel. "How Madoff Did It: Victims ’ Accounts." Society 48.1 (2011): 70-76. Academic Search Premier. Web. 17 Apr. 2012. Powell‚ Bill. "Olympus Scandal: A Confession‚ but Still No Answers." Time. Time‚ 09 Nov. 2011. Web. 17 Apr. 2012. <http://www.time.com/time/world/article/0
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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
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(2011). Fraud Prevention Measures. Retrieved from‚ http://www.bc.edu/offices/audit/fraud/fraudprevent.html Zambito‚ T.‚ & Smith‚ G. (2008‚ December 13). Feds say Bernard Madoff’s $50 Billion Ponzi Scheme Was Worst Ever. NY Daily New on the Web. Retrieved from‚ http://articles.nydailynews.com/2008-12-13/news/17913355_1_bernard-madoff-madoff-securities-ponzi-scheme
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Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff Securities. What audit procedures should the investment firm’s independent auditors have applied to those assets? 3. Describe the nature and purpose of a “peer review.” Would peer reviews of Friehling & Horowitz have likely resulted in the discovery of the Madoff fraud? Why or why not? 4. Professional auditing standards discuss the three key “conditions” that are typically
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as orchestrated by Bernie Madoff. Harry Markopolos caught up with Madoff’s Ponzi scheme earlier on in his career and saw all the red flags. There was no explanation of the continuous one percent yield in over forty five stocks that Madoff dealt with. Madoff took advantage of the laxity by the SEC officials in failing to follow up complains with an investigation‚ and the trust bestowed upon him by the high and mighty. As long as the public saw paper trail provided by Madoff that the stocks were continuously
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Bernie Madoff‚ former chairman of the NASDAQ Stock Exchange ran one of the biggest Ponzi schemes in U.S. history (Stanwick & Stanwick‚ 2015). Madoff took money from many people and organizations who invested in his fake company promising them above average returns for their investment. Using a small staff along with a couple of family members Bernie Madoff was able to scheme millions of dollars from over 13‚000 people all over the world only to benefit from the scheme leaving others penniless and
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chairman of NASDAQ (The Madoff Affair 2008). Bernie was sentenced to 150 years in prison for one of the biggest most fraudulent schemes (Business Insider 2014). He was charged with multiple counts of fraud‚ money laundering‚ theft‚ and perjury. Bernie manipulated numerous investors into handing over their earnings‚ and then guaranteeing them a profit in return of their investment. He conned all his investors out of almost $65 million dollars (Business Insider 2014). Madoff used a Ponzi scheme that
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moral dilemmas don’t come before us and announce themselves‚ how can we do a better job of seeing them coming? What can be learned from moral mistakes? 6. How‚ if at all‚ does your view of other moral mistakes you read about (e.g. Enron‚ Bernie Madoff‚ the financial crisis) change in the wake of considering this
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