Ponzi Schemes : Greed In Business Contributions

able to swindle investors out of their money. He did this by implementing one of the largest Ponzi schemes in history. Discovering the exact details about who was involved, how heavily they were involved, and the extent of the losses incurred may yet take many years. The goal of this research is to attempt to explain how the fraud was executed by explaining various details involved in this Ponzi scheme. These details include how the fraud was executed, parties that were involved positively and

Investment Securities (BMIS), perpetuated the most embellished Ponzi scheme the world has ever seen. The basis of the securities fraud that took place approximately between 1991 – 2008 was influenced by Bernie Madoff’s reliance upon an unqualified staff, outdated software, organizational seclusion, a personal halo effect, and weaknesses in the regulating body. Madoff had the confidence of the public, yet to pull off such an elaborate scheme, he relied on a startling number of family members, vital accomplices

vital part of maintaining any business, it is needed to file taxes, know how much one has in assets and liabilities, and indicate to investors whether the company would be a profitable undertaking. However, sometimes the accounting goes horribly wrong when people, even those who seem to be moral and uncorrubtable, fudge the numbers. By inflating books, they can get away with billions of dollars in fraud and make nice bonuses for themselves. However, these acts of greed affect not only the fraudulent

act identifies criminal penalties for particular unethical practices and currently has new policies that a corporation must follow in their financial reporting. The following examples describe some of biggest accounting methods as a result of the greed and the outrage of the ethical and financial misconduct by the senior management of public corporations. In the case “United States v. Pearson”, Exide Technology, the largest maker of automotive batteries,

disagree with the following quotation: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say engages in free and open competition, without deception and fraud.” Milton Friedman, a Nobel Prize winning economist. In other words, the social responsibility of business is to make a profit. I do not agree with the following quote by Milton Friedman. Engaging

act for achieving an illegal objective committed by any person by non-physically or non-violent means and by guile, to gain money or property wrongfully or to avoid payment of legal dues or retain money or property wrongfully as to obtain wrongful business of personal advantage.” White Collar Crimes Broad Categories This list is indicative of the broad categories of White Collar Crime prevalent in India and all over the world but cannot be considered comprehensive. Bank Fraud--To engage in an act or