Before we can delve into what can be considered the biggest con in American history, we need to fully understand what white collar crime is and how it impacts society? With the various categories of crimes, it is important to define each and everyone of them; therefore, law enforcement can address the behavior rather than then the personal attributes of the criminal. According to Herbert Edelhertz, from the National Institute of Law Enforcement and Criminal Justice, white collar crime can be defined as: “An illegal act or series of illegal acts committed by nonphysical means and by concealment or guile to, to obtain money or property, to avoid the payment or loss of money or property, to avoid the payment or loss of money or property, or to obtain business or personal advantage.” 1 Edelhertz, also speaks on the astronomical impact of white collar crime. His research shows that the tax violations related with white collar crime have both social and economical costs. While the economic damage due to white collar crime may be obvious, the social costs deteriorate the “freedom of commercial and interpersonal transactions.”1 All in all, white collar crimes allow wealthy businessmen to get even more wealthy at the cost of its victims.
There are many risks involved in a Ponzi scheme, so how did Madoff do it? The startup of Bernard L. Madoff Investment Securities was funded par...
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...crime,” spread through out the internet.5 Other victims invested their life savings in Madoff’s company and were left unable to pay their bills. Currently, out of the $20 billion dollars taken from investors, Lawyers have only recovered $11 billion. Michael De Vita, victim, invested $5 million dollars of his retirement account in order to retire at 60 years of age and allow his mother to live out her years travelling. Currently, De Vita is 65 years old, still working, and hasn’t seen a penny from the investment fraud.5
As it is evident, the Bernie Madoff Ponzi scheme was historical. It left 22,000 people devastated at the lost of billions of dollars. Almost ten years later, attorneys still continue to recover the lost of funds from currently existing Madoff bank accounts. While in prison, Madoff was diagnosed with stage 4 kidney disease after facing a heart attack.3
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- In the 1960’s, Bernard L. Madoff Investment Securities opened its doors in New York. Thirty years later, the investment firm closes its doors after losing $50 billion dollars of approximately 2,200 investors money. With $50 billion dollars on the line, it’s hard not to ask: Who is Bernard Madoff. How did he steal $50 billion dollars. What happened to his victims. Before we can delve into what can be considered the biggest con in American history, we need to fully understand what white collar crime is and how it impacts society.... [tags: Bernard Madoff, Ponzi scheme]
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