Research Paper On Bernie Madoff

Introduction: Bernie Madoff was a well-respected financier, his company Bernard L. Madoff Investment Securities, LLC was very well known and even helped launch the Nasdaq stock market. Madoffs company was well trusted and he even had celebrity cliental such a Steven Spielberg, Kevin bacon, and Kyra Sedgwick. Madoff came from a low income family however, he was able to start his company from getting a $50,000 loan from his in-laws and he using money that he had saved from side jobs such as lifeguarding and installing sprinkler systems to found his company. The successfulness of Madoff’s company came from the company’s ability to adapt to change and us modern day computer technology. As his business grew he stated employing family members to help “His younger brother, Peter, joined him in the business in 1970 and became the firm 's chief compliance officer. Later, Madoff 's sons, Andrew and Mark, also worked for the company as traders. Peter 's daughter, Shana, became a rules-compliance lawyer for the trading division of her uncle 's firm, and his son, Roger, joined the firm before his death in 2006”(Bernard Madoff Biography 2016) Unfortunately on December 11th 2008 Bernie Madoff became well known for a whole new reason. He had been accused of performing an elaborate Ponzi scheme and he had been reported to the federal authorities by his own sons. A year later he admitted to the investigators that he had lost $50 billion dollars of his investors’ money and pled guilty to 11

Madoff clearly did not have any views of ethics or social responsibility towards his investors. All he cared about was the green dollar signs. I think that his sons took a major stand by outing him to the public officials. To me, it showed that at least all ethic values were not lost with this family. Madoff’s sons are the ones the investors should thank for giving them justice.

Professional auditing standards discuss the three key “conditions” that are typically present when a financial fraud occurs and identify a lengthy list of “fraud risk factors.”

Bernie Madoff began his career as an investment broker in 1960, where he legally bought and sold over-the-counter stocks not listed on the New York Stock Exchange (NYSE). From the 1960’s through the 1990’s, Madoff’s success and business grew substantially, mainly from a closed circle of known investors and friends through word of mouth. In the 1990’s Bernard L. Madoff Investment Securities traded up to 10 percent of the NASDAQ on any given day. With the success of the securities business, Madoff started an illegal money-management business, promising his investors consistent returns from 10-12 percent, unheard of returns at the time, which should have tipped off most investors that something was amiss.

Do you want a better future for America? If so, then vote for Bernie Sanders! He voted no on banning partial birth abortion except to save the mother's life. Bernie plans to protect the reproductive rights of women. He voted yes on replacing death penalty with life imprisonment. He plans to have more funding and stricter sentencing for hate crimes. Bernie also voted no to subjecting federal employees to random drug tests. He believes that pharmaceutical companies are responsible for opioid epidemic.

Bernie Sanders is a Democratic candidate for president in 2016 and he has been serving in the U.S. Senate since 2006. Sanders began his career early in 1960s and it is the reason why Sanders is considered as longest-serving independent politician in U.S. congressional history. According to his website, “Bernie has been called a “practical and successful legislator” and he was dubbed the “amendment king” in the House of Representatives for passing more amendments than any other member of Congress” (“Meet Bernie”). In addition, Sanders has been the most aggressive voice on the environmental issue comparing to the Republican politicians, according from Sander’s webpage, “It is an embarrassment that Republican politicians, with few exceptions,

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have little.” said Franklin D. Roosevelt in his second inaugural address. Today, social inequality is highly apparent and many of the United States’ political candidates are unable to do anything to resolve it. Bernard “Bernie” Sanders, a democratic socialist, is the best candidate to resolve social inequality along with other problems the nation has today. Bernie Sanders has proven himself to be a defender of the people with his stance for social inequality and his plans on reforming the nation.

Everyone is free to believe to who they think is “better” as in terms for the presidential election. Whether they side with someone who is a republican, democrat, or someone in the minority bunch, it’s their own opinion of how they see the candidate’s plans for our country. As for me, the candidate that I find is the better candidate is Bernie Sanders.

The preceding year's election can be unanimously considered one of the most controversial by most sources. While many candidates were considered, the final four contenders could easily be classified as jackass, an extreme far right republican, a feminist, and a socialist. Ultimately, the jackass won the elections, plunging the United States into a thousand years of darkness. After the nuclear fire subsides, and the non-existent middle class comes to it’s senses they will need a new leader to redeem our broken nation. The socialist in particular, could possibly be the United States’ chance for redemption. Bernie Sanders’ progressive policies could, potentially, save the declining middle class. Bernie has shown countless times throughout his

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Bernie Madoff was one of the most prolific Ponzi-scheme artists in history. Madoff schemes netted him millions of dollars. Mr. Madoff used his BMIS Bernard L. Madoff Investment Securities a New York Limited Liability company, to commit fraud, money laundering, and perjury. This is just a few things that Mr. Bernard Madoff has done to many innocent investors, who believed in Mr. Madoff, and everything he stated. Due to Mr. Madoff’s action he has changed so many people’s lives. Some have lost everything, some committed suicide, and others just humiliated by Mr. Madoff. This paper is to tell you about Mr.

On Dec. 11, 2008, Bernard Lawrence Madoff confessed that his vaunted investment business was all "one big lie," a Ponzi scheme colossal in volume and scope that cost investors $65 billion. Overnight, Madoff became the new poster child for Wall Street gall, greed and

Bernie intently accepted large sums of funds from investors with the knowledge that he was not going to make legitimate investments with his the stackholders money. Bernie Madoff’s was conducting his business practices off of maximizing profits for himself over twenty years, which he intentialy defrauded his clients of almost sixty-five billion dollars. It is in my opinion that Bernie Madoff’s apparently knew what he was doing when he was engaging in un-ethical practices. When Madoff pled guilty to all charges in March 2009, which includes securities fraud, mail fraud, false statements, false filings with the SEC, investment advisor fraud, wire fraud, money laundering, and theft from an employee benefit plan, I believe that he completely understood that his scam would be exposed at some time.

After Bernard Madoff, a former NASDAQ chairman, was arrested on December 11, 2008, he acknowledged that his performance was nothing but the Ponzi scheme. He pled guilty to the biggest investor fraud ever committed by anyone on March 12, 2009. On June 29, 2009, he was sentenced to 150 years in prison.

This paper introduces Bernard L. Madoff a fraudster who orchestrated a multi-billion dollar Ponzi scheme. The paper discusses elements that make up a Ponzi scheme and explains what a Ponzi scheme is. The paper goes on to introduce some of the victim’s and examines some reasons why someone might fall victim to a Ponzi scheme. The paper describes the three elements making up the fraud triangle and how they relate to the fraud and the fraudster. This paper covers Bernard Madoff’s background and history and how he committed the fraud analyzing the fraud triangle. The paper describes ways to correct the issue, accounting principles violated, and recommendations for a fix. Finally, the paper looks at internal and external controls violated and ends with a conclusion.