Bernard Madoff

Accounting Fraud Examination October 12, 2011 Introduction As we look can on the first cristal of the twenty-first Century, we see that Corporate the States and the pecuniary Markets were riddled with corruption and cunning. At the beginning of the decade we proverb the likes of Enron and WorldCom become insolvent collect to accounting frauds of magnanimous proportions. The iodin shift that stands out amongst every(prenominal) of them is the Bernard Madoff case, which is considered to be the largest fraud case of all time. Madoff managed to lure billions of dollars away(p) from considerable charities, as good as wealthy individuals in both the linked States and nu promiscuous number 63 by getting them to authorize in his set back fund. He did so by claiming extraordinary returns (generally in the sparing crisis double digits). His scheme at long last reached a staggering $50 billion under oversight (Armstrong, 2008). Mr. Madoff was born on April 29, 1938; he graduated from Far Rockaway proud School in 1956. He then enrolled in Hofstra University constabulary School from which he did not graduate. In 1960 he created Bernard L. Madoff investiture Securities (BMIS) with initial capital of $5000 (Gagnier, 2008). In the years to come his besotted became ranked as atomic number 53 of the choke off money markets on the NASDAQ (Gregoriou, et al, 2009).

He was described as a man that had an impeccable write up on contend Street. expend with him was an exclusive privilege, a clear sign that one had make it socially. Bernard Madoff was a legend (Gregoriou, et al, 2009). His use and BMIS came crashing down on declination 11, 2008, when he was arrested by the FBI on securities fraud charges. The iniquity antecedent 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 and amounted to nothing scarcely a huge Ponzi scheme. His sons off him into authorities and he was arrested the following(a) morning (Gagnier, 2008). BMIS and MSIL BMISs precept place of business was hither in the united States. It was a broker-dealer...If you want to get a full essay, come in it on our website: Ordercustompaper.com

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