'Bernie Madoff Case Study'

'Bernie Madoff was a well cognise and a well-liked valet de chambre on debate Street. Madoff had an impeccable reputation, non only in the enthronisation market, further socially, too: Nasdaq fasten him its chairman; the Securities and change over Commission appoint him to industry panels; Madoff was tied(p) able to trim with the Wilpons, owner of the in the altogether York Mets, for his staffers to play sympathy softball games on the field at Shea Stadium  (Bandler et al. 52). That is why the nation was stun to learn that on December 11, 2008, Bernie Madoff was concealed on charges of theft of billions of dollars from his clients over the decades prior to his arrest (Dodge The IT Secrets  26).\nBernie Madoff ran an elaborate Ponzi evasion at his investment compevery, Bernard Madoff Investment Securities, with the avail of Frank DiPascali. DiPascali was accountable for overseeing the seventeenth floor, the position where the illegitimate backing enterprise tra des occurred (Bandler et al. 50). Madoff conducted the Ponzi scheme in the fol humbleding expressive style: he would gather investments from outside investors; he would, in turn, engross those silver to birth senior investors. The funds that Madoff received were neer used to make actual trades; the company, instead, produced fancied trades. To keep suspicions low in the investors, Madoff had the staffers of the seventeenth floor nominate fictitious every quarter statements to mail out. The investors were dexterous with the returns that the statements reports, so no suspicions ever arose (Dodge The engine room Behind  22).\nAlthough suspicions neer arose with the investors, suspicions did, however, arise with the Securities and diversify Commission. The SEC, on at least atomic number 23 occasions commencement in 1992, investigated Madoff and his company. On each occasion, though, the SECs auditors never uncovered any fraudulent activities, which allowed Madoff to cond uct the illegitimate business trades for an extended check of time (Rhee 366). Madoff go along ... '