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Business Ethics – Compromising trust to make a quick buck

In an attempt to get rich quickly, John Alexander Allen, a mutual funds salesman and stock broker, was charged with stealing over $14 million from his clients.

Allen, charged with 21 counts for stealing over $14 million from clients

As with any crime that goes against not only the law, but ethics in general, there was a high price to pay for his actions. Allen clearly goes against any business ethics a respectable businessman would follow and knowingly chooses to rob his clients who placed their trust in him.  As outlined by The Securities Act, he will not be forced to repay any funds that were illegally obtained. This loophole in government legislation is also something that comes into question when considering how accountable people should be held for their unethical actions. Allen had a social and moral responsibility to take care of the large sums of money that his clients had entrusted to him and his failure to do so indicated his lack of value for business ethics. Charged with 21 counts of criminal acts, Allen now faces a fine of over $1 million; one of the highest in history for similar crimes yet still less than 10% of what he was accused of stealing. Why is it that money has become so powerful in our society, that people are willing to compromise business ethics in order to turn a greater profit? Click here for more on Allen’s consequences.

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