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Bernard Maddoff

In: Business and Management

Submitted By Tbadillo08
Words 382
Pages 2
th

BMGT 1341
4/18/14

Assignment 3

Bernard Madoff took his investors for $65 billion over the course of nearly two decades. His list of victims includes billionaires, celebrities, individual investors, banks, and charities. He didn’t care who or what. His scheme was revealed when he confessed in March 2009, when he pleading guilty to the charges against him, and was then sentenced to 150 years in prison. Madoff was successful for so long because he was respected, well-established and esteemed financial expert. His reputation and role in the foundation of the NASDAQ stock exchange. He was running a legitimate business and earned his investors' trust because he didn't tempt investors with unbelievable returns. No one paid any attention to the signals of Madoff’s scheme. He was extremely smart and charismatic. He gained his investors trust. He had his family work for him his wife worked at firm for a time creating an atmosphere of friendliness. Even though his family was not charge, they were suit. His sons and daughter were all under investigation, no one was charged as Madoff took all responsibility. Bernard Madoff who is now serving his sentence in Butner Federal Complex in North Carolina. In his words he “knew this day would come.’’

Questions 1. What are the ethical issues involved in the Madoff case? They are plenty of moral and ethical issues regarding this case. I think lying and stealing which is the biggest one. 2. Do you believe that Bernard Madoff worked alone, or do you think he had help creating and sub staining his Ponzi scheme? No I don’t think that he worked alone his lieutenant Frank DiPascali confessed of lying to investigators. However I believe his family had more to do than what they were telling. His wife and kids all worked for him. There is no

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