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Essay / Research Paper Abstract
This 5-page paper discusses the illegal and unethical actions perpetrated by Bernard Madoff and his Ponzi scheme. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTmadoanly.doc
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Unformatted sample text from the term paper:
He defrauded these investors through what is considered the largest Pozni scheme in history. What makes this story so interesting from many points of view is that Madoff, himself, is
a former broker, investment advisor - and the non-executive chairman of the NASDAQ stock market. Despite these credentials, investors lost hundreds of thousands, even millions of dollars through a hedge
fund called Ascot Partners, because they trusted this man. Describe three types of illegal business behavior alleged against Mr. Madoff and
for each type of behavior, explain how the behavior is illegal or unethical in the conduct of business. In early 2009, Madoff pled guilty to securities fraud, during which he
used billions of dollars from new investors to the Ascot Fund to pay off old ones - which is what is called a Ponzi scheme (named after the Italian immigrant
of the same name). But Madoff was also charged on one count of perjury (lying to the Security and Exchange Commission during several investigations) and making false statements to investors
(Glovin, 2009). These three charges; and the eight others to which he pled guilty, are all federal felonies (along with theft from an employee benefit plan and making false filings
with the SEC) (Glovin, 2009). Securities fraud is unethical (and illegal) because it is a situation in which an individual or company
misrepresents information used by investors to make investment decisions (Securities fraud, 2011). Perjury and making false statements are similar, except perjury involves lying to a legal body (in this case,
the SEC) while being questioned under oath. Making false statements means lying, in general, to a legal body - Madoff did both. When approached by the SEC, he made false
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