Bernard Madoff

Accounting Fraud Examination October 12, 2011 Introduction As we count on back on the first cristal of the 21st Century, we externalize that Corporate the States and the Financial Markets were riddled with corruption and cunning. At the ascendent of the decade we saw the likes of Enron and WorldCom become insolvent due to news report frauds of big proportions. The iodin case that stands out amongst all of them is the Bernard Madoff case, which is considered to be the largest fraud case of all time. Madoff human beingsaged to lure billions of dollars away from healthy charities, as well as wealthy individuals in twain the linked States and Europe by getting them to invest in his set back fund. He did so by claiming phenomenal returns (generally in the economic crisis double digits). His scheme eventually reached a staggering $50 billion under management (Armstrong, 2008). Mr. Madoff was natural on April 29, 1938; he graduated from Far Rockaway High coach in 1956. He then enrolled in Hofstra University Law coach from which he did not graduate. In 1960 he created Bernard L. Madoff Investment Securities (BMIS) with initial capital of $5000 (Gagnier, 2008). In the years to come his firm became ranked as atomic number 53 of the top silver markets on the NASDAQ (Gregoriou, et al, 2009).

He was described as a man that had an impeccable reputation on contend Street. Investing with him was an scoop privilege, a clear sign that one had made it socially. Bernard Madoff was a legend (Gregoriou, et al, 2009). His persona and BMIS came crashing down on December 11, 2008, w hen he was arrested by the FBI on securities! fraud charges. The iniquity prior to the 11th, he confessed to his two sons, who were top employees of the firm, and his wife that BMIS was a big lie in and amounted to nothing but a huge Ponzi scheme. His sons turned him into government activity and he was arrested the next morning (Gagnier, 2008). BMIS and MSIL BMISs principle lay out of business was here in the united States. It was a broker-dealer...If you insufficiency to get a full essay, come in it on our website: OrderCustomPaper.com

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