Bernie Madoff Case Study

Bernie Madoff was a hearty known and a well-liked valet de chambre on Wall Street. Madoff had an spick-and-span reputation, not only in the investiture market, but socially, in addition: Nasdaq made him its chairman; the Securities and interchange Commission appointed him to manufacture panels; Madoff was even able to ordain with the Wilpons, owner of the New York Mets, for his staffers to turning charity softball games on the field at Shea sports stadium  (Bandler et al. 52). That is why the nation was stunned to learn that on celestial latitude 11, 2008, Bernie Madoff was arrested on charges of theft of billions of dollars from his clients everywhere the decades prior to his arrest (Dodge The IT Secrets  26).\nBernie Madoff ran an reckon Ponzi intrigue at his investment company, Bernard Madoff Investment Securities, with the assistance of hound DiPascali. DiPascali was accountable for overseeing the seventeenth offend, the side where the illegitimate business t rades occurred (Bandler et al. 50). Madoff conducted the Ponzi scheme in the fol littleing focal point: he would receive investments from foreign investors; he would, in turn, wont those funds to pay elder investors. The funds that Madoff received were neer used to make existent trades; the company, instead, produced fictitious trades. To keep suspicions low in the investors, Madoff had the staffers of the seventeenth floor create fictitious every quarter statements to mail out. The investors were pleased with the returns that the statements reports, so no suspicions ever arose (Dodge The technology Behind  22).\nAlthough suspicions never arose with the investors, suspicions did, however, boot out with the Securities and Exchange Commission. The SEC, on at least five occasion beginning in 1992, investigated Madoff and his company. On each occasion, though, the SECs auditors never open any fraudulent activities, which allowed Madoff to lodge the illegitimate business trade s for an increase period of time (Rhee 366). Madoff move ...