Earl Jones, a financier in Montreal has a first hand account of what the possible consequences of a breach of business ethics may entail. Judge Helen Morin recently sentenced Jones to 11 years in prison for his involvement in a Ponzi scheme that defrauded clients approximately $50 Million Dollars.
Jones pleaded guilty to misleading and in essence stealing money from 158 clients over the past 2 decades. This huge amount of money that was illegally acquired, has a pivotal role in terms of business ethics. This case will help open the eyes of millions in the business world, allowing them to see that courts and society will not stand for such unethical practices. It will also show that unethical behaviour happens everywhere and is still ongoing problem.
This case also shows the dark side of greed and money, as Jone’s family describes it as corrupting him and turning him against everyone he knew. He started off his career as an avid hockey player, and ended it off with a bad reputation in the financial world. Due to the non-violent nature of this crime, if Jones displays good behaviour, his prison sentence may be relaxed to 22-months.
http://www.vancouversun.com/business/Disgraced+financier+Earl+Jones+learn+fate+today+friends+tell+trust+built+lies/2565810/story.html
Good business ethics should be a part of every successful business, business ethics is not only how to cooperate with the world, but also to dealings with their single customer. But if any organization doesn’t follow any business ethic then it will be not good for that organization, organization will face bad reputation, also suffer losses etc. So it is most important aspect of business success.