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Essay / The Bernie Madoff Ponzi Scheme - 2602
IntroductionThe Bernie Madoff Ponzi Scheme is a well-known case and is known as one of the largest Ponzi schemes. In summary, the pattern occurred for many reasons which I will list in 3 points; A lack of competence on the part of regulatory agencies, a lack of regulation and finally a breach of ethics on the part of Bernie Madoff himself. To explain further, regulatory agencies like lawyers and the SEC are supposed to prevent schemes like this from happening, but because they lacked the skills to properly assess the situation, interpreting the number advice they had received regarding the scheme that had been filed, and to act accordingly effectively. One of the clues was given by Harry Markopolos in 2000, who correctly predicted that Madoff was guilty of fraud. Even after this information from Markopolos, Madoff was not arrested until 2009. Many family members also participated in the fraud, as well as non-family members, such as Frank DiPascali and a well-known team under the name of the 17th Floor Team, which helped Madoff carry out this fraud. his fraud. The idea behind Madoff's fraud was that he would produce false statements about their investments and that when people wanted to withdraw their investments, the money was not actually there, which rightly raised more eyebrows only a few eyebrows and ultimately led to his arrest. “Most Americans want to do the right thing, and they want others to do the right thing. So, reputation and trust are important to almost everyone, individuals and organizations. However, individuals have different values, attributes and priorities that guide their decisions and behavior. Taken to the extreme, almost any personal value, attribute, or priority can "cause" an ethical violation (e.g., risk-taking, love of money or... . middle of paper ...... what my values are not to be taken to the extreme because very easily they can go from seemingly ethical to unethical, quite simply, in moderation, even some values The next lesson I learned will be especially useful when I become a manager This lesson is to succeed people want to stay in the company because it makes the company better and good people help maintain ethical standards. Also, when it comes to leadership, it's about rewarding ethical behavior and punishing unethical behavior. Overall, I believe and the evidence is there for the Madoff scheme. which takes place due to an ethical dilemma It is important to stay strong in your values and do the right thing because not only does it benefit you, but it also benefits the organization you are a part of and with. enough ethical people. projects like the Madoff affair can be avoided.