Madoff Securities Case Choukri Alaoui Liberty University Madoff Case Summary On December 11‚ 2008‚ Madoff was under arrest by federal agents and charged in a twenty years securities scheme that was the largest fraud in the history of Wall Street. On March 12‚ 2009‚ he pleaded guilty to all the federal charges filed against him counting securities fraud‚ money laundering and perjury. He had been one of the most valued financiers in Wall Street up to this scheme. He was nothing but another individual
Premium Bernard Madoff Audit Ponzi scheme
Bernard Madoff is a modern day Visigoth for several reasons. He is one of the largest white collar criminals of all time. In fact‚ he has committed one of the most elaborate Ponzi schemes‚ which is considered to be the largest financial fraud in history. For those who do not know what a Ponzi scheme is – it is a fraudulent investment that pays returns to its investors from their own money‚ or the money of other investors‚ rather than through profits of the organization. The scheme entices investors
Premium Ponzi scheme Bernard Madoff Stock exchange
Robin Wake 10/24/12 Choice Theories Madoff was a master thief and financier. In 2008‚ he revealed that the asset management arm of his firm‚ Bernard L. Madoff Investment Securities‚ was "just one big lie". In what he described as a Ponzi scheme‚ he took his investors for $65 billion over the course of two decades. The scheme wasn’t revealed until Madoff himself confessed his crimes (How Ponzi Schemes Work). I believe this is based on the rational choice theory. For example‚ a drug addict may
Premium Ponzi scheme Bernard Madoff Rational choice theory
ASSIGNEMENT: 1 MADOFF SECURITIES Submitted by Mohammed A Khan Submitted to Prof: Wendy Achilles Course: Acc 562 Advanced Auditing Dated: 10-25-2014 Introduction Since the ascent of money‚ different techniques have been developed and carried out to fool people of their assets. These methods have evolved together with advances in technology‚ and some have proved to be more efficient than other. One of the largest of these schemes ever carried out occurred in modern times in the United States
Premium Ponzi scheme Bernard Madoff Investment
Bernard Madoff is most prominently known by the public as the man responsible for the largest known Ponzi scheme in the United State’s history. Madoff ran his Ponzi scheme through the company he founded‚ Bernard L. Madoff Investment Securities (BLMIS). Bernard was taking investor’s money spending it for personal gain while simultaneously coaxing new investors and using their investments to pay off the old investors. When Bernard’s scheme was uncovered in 2008 it had reached a total of 50 billion
Premium Ponzi scheme Bernard Madoff
leader of Ponzi schemes are the most respected and trustworthy businessmen. The most notable of these was Bernard Madoff. He is known to have orchestrated the largest financial fraud in U.S. history. In 1960‚ Madoff opened his business‚ Bernard L. Madoff Investments LLC.‚ with the help of his father-in-law. His investment company dealt directly with retail brokers in the stock market. Madoff was able to successfully run his business from 1960 until 2008. His business practices were first questioned
Premium Ponzi scheme Bernard Madoff Confidence trick
future. The accountant and Corporate scandals. Introduction: Accounting fraud is a manipulation of company’s financial data so that the image of company looks better than actually is‚ this in turn will have a positive impact on the shareholders/stakeholders regarding the firm’s ability and will urge investors to invest more. Recent Examples and ‘how can we minimize these incidents’ Recent accountant and corporate frauds have raised questions on the ability of independent auditors to uncover the financial
Premium Fraud Bernard Madoff Ponzi scheme
(2008). SEC Statement on Madoff Investigation. Weblog post‚ 17 December. Viewed January 18‚ 2009‚ from http://securitiesarbitration.blogspot.com/2008/12/sec-statement-on-madoff-investigation.html 2 3. Diana B. Henriques & Zachery Kouwe. (2008‚ December 11). Prominent Trader Accused of Defrauding Clients. The New York Times. Viewed January 17‚ 2009‚ from http://www.nytimes.com/2008/12/12/business/12scheme.html?_r=3&ref=business 4 5. Matthew Goldstein. (2008‚ 18 December). Madoff: What a Week. BusinessWeek
Premium Financial services Investment Bernard Madoff
com/content/forensic-accountant/ Washington‚ Ruby. December 20‚ 2012. Bernard L. Madoff. The New York Times. Retrieved from: http://topics.nytimes.com/top/reference/timestopics/people/m/bernard_l_madoff/index.html Refrati‚ Amir. Frank‚ Rober. March 11‚ 2009. Madoff Set to Plead Guilty to 11 Felonies. The Wall Street Journal. Retrieved from: http://online.wsj.com/article/SB123669568988683829.html WEBCPA Staff. May 15‚ 2009. Forensic Accountants Reconstruct Madoff books. Accounting Today. Retrieved from: http://www.accountingtoday
Premium Fraud Bernard Madoff Enron
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
Premium Criminology Bernard Madoff Confidence trick