Bernie Madoff Essay Example for Free

Bernie Madoff EssayThe things I impart be talking about are the directions they examined the financial events surrounding Bernie Maddoff, and the events surrounding Enron. Also they way that Enron dealt with the consequences and implications for the lack of code of ethics. The financial events that were surrounding Bernie Maddoff where that the financial world begins this week still in a daze over the spectacular collapse of an eithereged Ponzi scheme by onetime Wall bridle-path legend Bernard Madoff mayhap the biggest swindle ever committed by a single person. Its a stunning fraud that appears to be of epic proportions, Andrew Calamari of the Securities and Exchange Commissions impertinently York Regional Office verbalize in a statement after the FBI arrested Madoff last week. Its unclear how many institutions and individuals will suffer from losses that national authorities say Madoff privately pegged at $50 billion. The reason that he had easy assess to all of this was because he knew the system from being the chairman of Nasdaq from 1990-1991 and 1993.Another one was the officials allege that Madoff falsified reports from a secretive bills management service that he owned run separately from his main stock transaction mansion to make it appear to be more successful than it was. Madoff allegedly kept it going by victorious cash from unwitting new investors to pay up customers who wanted to redeem their holdings. In a January SEC filing, Madoff said he managed $17. 1 billion in assets for 23 clients.But potential victims could number in the hundreds and possibly thousands and include major banks, hedge funds, charities and pension funds. Responding to an SEC lawsuit, on Friday, U. S. District Judge Louis Stanton in New York froze the assets and accounts of Madoffs investment business and appointed Lee Richards, an attorney at Richards Kibbe Orbe, as receiver. Madoffs lawyers have denied the charges but did not return calls for comment.Ma doff was released after posting $10 gazillion in bail. He faces up to $5 million in fines and up to 20 years in jail if convicted. The SEC and U. S. Attorneys office say their investigating is continuing and declined to comment. Madoff got himself in trouble by using money he did not have to pay off customers from all the new invertors. Then after a while New York realized what he was doing so they arrested him for what he was doing because it was not ethical at all.