Reference no: EM133944913
Question: The Ponzi Scheme of Bernie Madoff. Who He Was, How His Ponzi Scheme Worked?
Bernard Lawrence "Bernie" Madoff was an American financier who executed the largest Ponzi scheme in history, defrauding thousands of investors out of tens of billions of dollars for at least 17 years, possibly longer. He was also a pioneer in electronic trading and chair of the Nasdaq in the early 1990s. He died in prison at age 82 on April 14, 2021, while serving a 150-year sentence for money laundering, securities fraud, and several other felonies. Get expert assignment help online from PhD writers.
Bernie Madoff was a money manager responsible for one of the largest financial frauds in modern-day history.
Bernie Madoff's Ponzi scheme, which likely ran for decades, defrauded thousands of investors out of tens of billions of dollars.
Investors put their trust in Madoff because he created a front of respectability, his returns were high but not outlandish, and he claimed to use a legitimate strategy.
At some point, Madoff attracted investors by claiming to generate large, steady returns through an investing strategy called split-strike conversion, a legitimate trading strategy. However, Madoff deposited client funds into a single bank account that he used to pay existing clients who wanted to cash out.
On Dec. 10, 2008, he confessed his wrongdoing to his sons-who worked at his firm. The following day, they turned him over to the authorities.
The fund's last statements indicated it had $64.8 billion in client assets.
Madoff claimed "Everybody was greedy, everybody wanted to go on and I just went along with it," "How can you be making 15 or 18% when everyone is making less money?" Madoff said.
Famous investors and celebrities were caught in the Madoff Scheme, the famous film producer Steven Spielberg among them.
REQUIREMENTS:
- IN 2 PAGES Elaborate on the Individual Factors and Organizational Factors that apply to the business scheme applied by Madoff, the ethical values and related aspects of Business Ethics that should have been observed by the perpetrator Madoff and the investors who sought the benefits on their investment
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: The Ponzi Scheme of Bernie Madoff. Who He Was, How His Ponzi Scheme Worked - Business Ethics that should have been observed by the perpetrator Madoff
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