Sep
15
Longest Running Fraud Exposed
Posted by: David Tran | September 15, 2011 | 3 Comments
A fraudulent scam that originated in 1920, the Ponzi scheme made headlines in recent times due to the notoriety of Bernard Madoff’s crimes; with over $50 billion lost, it is the largest fraud in history. Madoff, once a trusted and valued member of Wall Street’s exclusive society, left thousands ruined as the wealthy and famous to small time investors entrusted their life savings into Bernard L. Madoff Investment Securities LLC. ‘Money was moved between accounts, false trading confirmations were sent to his clients, and he lied to the Securities & Exchange Commission.’ Madoff stated, “Clients would have no way of knowing the statements were false.”
One has to question the actions of Bernard Madoff, once held in high regard within the financial community. The ethical issues of deceit, negligence, and betrayal of trust can be applied as Madoff took into account his own self interest and cheated the individuals, banks, and institutions that depended on his practice. Using his reputation and credibility, he took advantage of his clients by stealing their fortunes and concealing the truth.
« go back