Bernard Madoff the Fraud of the Century

746 Words Apr 23rd, 2012 3 Pages
The Fraud of the Century The Case of Bernard Madoff

Summary of the case

In December 2008, the highly respected American businessman Bernard Madoff made the headlines when the US authorities accused him of orchestrating a $65 billions Ponzi scheme which is the biggest financial frauds of all time and made of him “ The Conman of the Century”.
Bernard Madoff also called "Bernie" is a former American businessman, stockbroker, investment advisor, financier and the former non-executive chairman of the NASDAQ stock market and held a seat on the government advisory board on stock market regulation.
During all his long successful financial career B.Madoff has been considered as a trustworthy, well respected and responsible man.
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Although Bernard Madoff has been condemned, there are still some unresolved matters such as “ how Bernard Madoff has been able to escape during all these years to the Sec investigation? And “ who are among the Madoff’s clients victims and accomplices of this huge financial frauds ?
Question 1: What are the ethical issues involved in the Madoff case?
At first lets define what is an ethical behavior: Ethical behaviour is characterized by honesty fairness and equity in interpersonal, and professional relationships, ethical business practices also include assuring that the highest legal and moral standards are observed in your relationships with the people in your business community.
As regards Bernard Madoff, the ethical issues involved in his case are: the betrayal, the lies and the breach of trust.
Indeed after that his Ponzi Scheme was discovered the fisrt reaction of the Wall Street’s community was “ Not Bernie !” it shows that people really trusted him and relied on him, not only rich investors from worldwide, American workers charity organization and even its Jewish community. Bernard Madoff deceived everybody, investors, regulators, banks, associates and his family too.
En ethical behavior would have been to say before he began his fraud “ I can’t do it” and to communicate on these problems with its associates and to meet its investors and say the truth.
Instead of this, as he said in the

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