In 2008, once esteemed financial expert Bernard Madoff pleaded guilty for conning investors out of 65 billion dollars, through the use of what he called a Ponzi scheme.

Nearly five years have gone by and we are still feeling the after math of one of the largest accounting scandals of all time, as one of Madoff’s accountants, Paul Konigsberg, was indicted for his participation in the Ponzi scheme. The 77 year old Konigsberg is accused of being a key player in Madoff’s particular strategy as his role was said to be the false bookkeeper.

What made Madoff’s scheme so successful for so many years was that he had a trustworthy reputation as a financial advisor, and lacked normal signs of fraudulent behaviour, allowing him to slip under the SEC’s radar. However in my opinion, less emphasis should be attributed to Madoff, because I feel the real issue at hand here is the numerous accountants found guilty, as a direct result of disregarding their code of ethics. My key takeaway the article is that although sometimes it just comes down to someone turning a blind eye, we must always be mindful of our moral code if we wish to succeed in business.

Photo: New York Times