Ethics

Gloria Gallegos Mrs. Philbin HUMN. Ethics 26 February 2012 Bernie Madoff an Issue of Ethics In the news today, there be many ethical issues in business, some bigger than others. legion(predicate) of them go unknown. One specific ethical issue is the written report about Bernie Madoff and the huge effect he and his Ponzi abstract had on so many people who deposited him. Bernie Madoffs Ponzi scheme is one of the biggest business scandals ever. Bernard Lawrence Bernie Madoff was born April 29, 1938 in New York City. In 1960, he and his wife Ruth, founded Bernard L. Madoff Investment Securities, L.L.C; with $5,000 he earned from a summer job as a life throw and a side job installing sprinklers. It specialized in the trading on penny stocks. From 1970 through 1980 he was answerable for making some money for his lymph glands. With the aid of his father-in-law he gained investors trust through word of mouth and began a big client list including movie stars, like Steven Spielberg. By 1980, his company handled up to 5% of the trading on the New York Stock Exchange. As the business grew, he began to employ more and more of his family to help him. His brother Peter was the companys chief officer. accordingly his sons Andrew and Mark joined and worked as traders in their early 20s.

His niece, Shana, was the rules-compliance lawyer for the trading division. Of course, the company was ran by non-other than Bernie Madoff. Daniel Bonventre, worked for Madoff since the late 1960s. Enrica Cotellessa-Pitz, Madoffs former controller started working at BLMIS in 1978. She shifted money between bank accounts. Frank DiPascali Jr, Madoff chief monetary officer, created millions of fake documents to conceal the art from regulators and investors. They all faced conspiracy, securities fraud and tax charges. In the securities fraud would carry up 20 years in prison. Annette Bongiorno, was his long time secretary and covering office supervisor for 40 years. Joann Cupri dealt with the firms daily cash balance,... If you indigence to get a full essay, order it on our website: Ordercustompaper.com

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