Madoff started the scheme by misleading his clients to think that he was an elite investor because he was on a vast amount of important boards. Many believed the scheme and invested billions of dollars with Madoffs company. He was able to achieve some of the scheming through running his investments through a different part of his business. This was a way for only him to see the investments and the financial reports behind the investments. Bernard Madoff involved people because of their intelligence and ability to hide things in the business for him, but also he involved people that were close to him so that it would decrease the risk of them broadcasting the unethical business procedures that were taking place.
One man, Harry Markopoulos, was trying for many years tried to get the Securities and Exchange Commission (SEC) to investigate and conclude that Madoff was in fact a fraud. After 8 years the SEC finally found the scheme controlled by Madoff. In December 2008 Madoff was found guilty; however, stayed under house arrest by the until his t...
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...ting. I think that given more time and investigation they would be found guilty of dealings related to the scheme. However, Mark Madoff committed suicide releasing himself from any form of punishment besides taking his own life.
Operating a family business can become unethical quick. Nothing ever is moral when working with family. Things are not ethically administered like they are in a company that does not consist of family. In my own hometown, we have recently had a company that has filled bankruptcy and their top positions are filled by family. I often think that things get looked over and go unrecognized with a family business. A few examples of something going unrecognized is being late for work, not reviewing the company procedures, and overlooking misconduct. I think that there were problems throughout Madoffs company by having family members work for him.
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