On March 12, 2009, the man who created the greatest Ponzi scheme pled guilty. This man’s name is the one and only Bernie Madoff. Kalen Smith explains in “What is a Ponzi Scheme,” how Ponzi schemes seem to appear regularly; however, Madoff's strategy had a whole different twist to it. Ponzi schemes usually operate on a small-scale, though this man went so far as to create a name for himself and did not stop there. Smith also addresses how Madoff’s whole strategy was “keeping his victims close and the SEC off his back” (Smith). The U.S. Securities and Exchange Commission (SEC) is a federal agency authorized by Congress to establish financial reporting practices for public companies. This requires companies to file audited financial statements to the government annually. The SEC’s homepage clarifies their mission is to “protect investors, maintain fair, and orderly, efficient markets, and facilitate capital information” (SEC).
Although companies are o...
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...wever, this man took a turn to the worse. Not only did Madoff encompass financial crisis, but he also created a timeless drama in itself. Bernie Madoff carried out the largest Ponzi scheme in history. This one man stole billions of dollars from investors around the world with the method of “robbing Peter to pay Paul”. He fooled everyone by his master plan of lying. This human act is drawn upon too often in society. These people will take whatever step possible to gain riches and fame, though they do not realize the consequences of their actions. Still to this day people are suffering from the Bernie Madoff scandal. While the government has established regulations and investigations for illegal actions that may occur, the public needs to realize the importance of truth. No one wants to end up behind bars like Bernie Madoff for a couple of lies that turned corrupt.
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