Bernard Madoff

Accounting Fraud Examination October 12, 2011 Introduction As we grimace back on the first cristal of the 21st Century, we listen that Corporate the States and the Financial Markets were riddled with corruption and cunning. At the first-class honours degree of the decade we saw the likes of Enron and WorldCom become insolvent due to accounting 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 valetaged to lure billions of dollars away from colossal charities, as well as wealthy individuals in both the linked States and Europe by getting them to invest in his set back fund. He did so by claiming anomalous 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 Rockawa y High give instruction in 1956. He then enrolled in Hofstra University Law domesticate 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 funds 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 scoopful 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, when he was arres! ted 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 equivocation and amounted to nothing but a huge Ponzi scheme. His sons turned him into political science and he was arrested the next morning (Gagnier, 2008). BMIS and MSIL BMISs principle typeset of business was here in the united States. It was a broker-dealer...If you desire to get a full essay, come in it on our website: BestEssayCheap.com

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