Mark Madoff was put in a very difficult position on whether to turn his father, Bernie Madoff, in for his Ponzi scheme immediately or give his father a week delay as he requested. If Mark would have not immediately gone to authorities, he risked looking guilty for involvement and risked the charges associated with involvement, in addition to possibly facing charges for withholding information on his father’s illegal activity. If Mark chose to wait it out, he would be giving Bernie not only a chance to “fit it” as much as possible, but at the end of the week if Bernie did not turn himself in, Mark may have felt more “free” in his decision to turn his father in. However, by waiting the Madoff brothers risked Bernie getting himself into further
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Rather than investing the money as he claimed he did, Bernie deposited the money he obtained from investors into his personal bank account. From here, he paid his investors with the income he gained from new clients. Bernie grew his business illegally by exceeding the number of investors allowed without a license as laid out in SEC rules. Bernie was able to grow his firm with the help of his father-in-law and by using the investors’ capital without their permission and bringing in more investments. …show more content…
It is known that Bernie was almost caught on a few occasions, but what kept the authorities from further investigating Bernie and uncovering the illegal acts of his career. The first time Bernie was almost caught, he lied about his association with the company in question and offered to recoup any money that may not be recovered, which only further added to his trustworthy character. Later there were two more complaints about Bernie Madoff, but again Bernie lies and appeals to his past positions and association with NASDAQ and SEC. Bernie even goes as far as to say he is on the very short list of people in running for the next chairman of the SEC, which is a blatant lie but investigators were blind to this fact. Being understaffed and swamped in complaints, the SEC wrote off complaints towards Bernie and decided he was not a
Rather than investing the money as he claimed he did, Bernie deposited the money he obtained from investors into his personal bank account. From here, he paid his investors with the income he gained from new clients. Bernie grew his business illegally by exceeding the number of investors allowed without a license as laid out in SEC rules. Bernie was able to grow his firm with the help of his father-in-law and by using the investors’ capital without their permission and bringing in more investments. …show more content…
It is known that Bernie was almost caught on a few occasions, but what kept the authorities from further investigating Bernie and uncovering the illegal acts of his career. The first time Bernie was almost caught, he lied about his association with the company in question and offered to recoup any money that may not be recovered, which only further added to his trustworthy character. Later there were two more complaints about Bernie Madoff, but again Bernie lies and appeals to his past positions and association with NASDAQ and SEC. Bernie even goes as far as to say he is on the very short list of people in running for the next chairman of the SEC, which is a blatant lie but investigators were blind to this fact. Being understaffed and swamped in complaints, the SEC wrote off complaints towards Bernie and decided he was not a