Essay on Bernard L. Madoff 's Case

1793 Words Dec 5th, 2014 8 Pages
In December 2008, Bernard "Bernie" L. Madoff owner of Bernard L. Madoff Investment Securities LLC wasarrested for committing a $50 billion investment fraud, which later was found to be $65 billion (Bernard L. Madoff. February 9, 2009).Bernard Madoff 's business was an investing firm that pulled off a massive fraud. His firm took money from several people, rich or poor, it did not matter. His victims were Jewish philanthropists from the Upper East Side of New York, almost half the members of the Palm Beach Country Club, retired accountants living in Florida, film stars and several charitable organizations(Ahamed, L. 2011, May 14). In court 33 years old, Michael Swartz of New Jersey said, "I hope his sentence is long enough so his jail cell will become his coffin." Swartz said his family 's funds with Madoff had been for the care of is mentally disabled brother (Robert, F. and Efrati, A. 2009, June 30). Madoff was eventually charged with eleven felony charges including securities fraud, investment adviser fraud, mail fraud, wire fraud, money laundering, false statements, perjury, false filings with the United States Security and Exchange Commission ("SEC"), and theft from an employee benefit plan (United States v. Bernard L. Madoff and Related Cases). Madoff violated the Federal Securities Laws of 206 (1) and 206 (2) of the Advisers Act of 1940, which regulates investment advisers(Bernard L. Madoff. December 19, 2008). With certain exceptions, this Act requires that…

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