Medium of exchange

This is not the first time Madoff office has been raided by SEC investigators, the recent raid being on 20th April 2005. They wanted to know if Madoff had hedge trade funds or executing hedge trade funds for others as he always claimed. Their investigation was after SEC staffers had found an email that expressed why Renaissance Technologies stopped doing business with Madoff. Initially, examiners claimed they were just on a normal routine examination of the brokerage firm’s books and records. On…

With the information that is provided in this case the element of white collar crime that Bernie Madoff showed was bankruptcy fraud, and a form of blackmail. Baste of the information in chapter 6 the reason why white collar criminals are able to carry out their schemes for so long are, because most of them are mostly highly educated people that work within a powerful business or organization. One of the ways Madoff was able to keep his scheme going for so long because, he hired inexperienced…

The Financial Executives International and Drake University School of Accounting hosted the Thirtieth Annual Lecture which was presented by Sarah Esquivel. Sarah Esquivel is currently the Associate Chief Accountant for the Securities and Exchange Commission (SEC). Her presentation was an overview of what the SEC, specifically the Office of the Chief Accountant (OCA), is and does. Esquivel also included information on the new and changing accounting rules. The 2016 FEI lecture was honored to have…

There is overwhelming evidence that Bernard Madoff did not work alone. He may have masterminded the entire scheme but he has accomplices along the way that helped him to carry out his elaborate fraud and several have been charged for the crimes. For example, between 1998 and 2008, Madoff wrote $84 billion in checks to just four people (Johnston, 2014). According to Johnston, in 2002 alone, 318 checks were written from Madoff's 703 account to a Norman Levy, who had a private offshore bank; who…

To this day, one of the most well known American swindlers and criminals of the administrative field is Bernard Madoff. The opportunist made it seem as though he was a caring nice individual that could be trusted, but the real truth was that he was a crazed and greedy criminal. It came as a shock to most people when he confessed to the crimes he had committed because he was a master at hiding the person he truly was. The people he worked so closely with believed in him and trusted him whole…

Depression, the Securities Act of 1933 was enacted with the purpose regulating the offer and sale of securities (SEC, n.d.). The Securities and Exchange Commission (known hereafter as the SEC) was then created from The Securities Exchange Act of 1934 and given the responsibility of overseeing the securities industry and regulating conduct in various exchanges (SEC, n.d.). Under these Acts, firms were held accountable for informing investors of information necessary for the purchase of…

as another reminder of this odd dynamic with the stigmatization of gambling and the protection of Wall Street conmen. Mary Jo White took a hard stance against illegal offshore gambling with the prosecution of Jay Cohen, former CEO of World Sports Exchange (WSEX) in Antigua. As you may remember, a DOJ spokesman publicly stated shortly before her case that they didn’t have the authority to prosecute offshore sportsbooks. Nonetheless, White was firm in her beliefs stating that offshore sportsbooks…

Dellway Investments Ltd & others v NAMA & others Introduction The appellants: DELLWAY INVESTMENTS LIMITED and Others The respondent: NATIONAL ASSET MANAGEMENT AGENCY and Others NAMA was set up to take over all the ‘bad loans’ from the banks when the financial crisis happened. The Government then put money into the banks to help them and to fix the balance sheets. McKillen took NAMA to court because NAMA took over all of the McKillen loans from the banks. McKillen said however that his loans…

Fraud Triangle The Fraud Triangle Theory created by Donald Cressey explains the three elements needed for fraud to be committed. These elements include opportunity, pressure or perceived pressure and rationalization. In the very publicized FIFA court case that included charges such as fraud, racketeering and bribery these elements were clearly present. According to The U.S Department of Justice (2015) , there was a total of nine FIFA Officials and five Corporate Marketing Executives who…

INTRODUCTION Mr. Daniel Ittall is an attorney with a strong reputation for being a dedicated and reliable worker. Recently, he was served a petition detailing his charges of professional misconduct. After receiving $1,000 from a potential client, not giving it back when she asked for it resulting in her losing her chance to pursue the case, Mr. Ittall is charged with violating Rules of Professional Conduct 1.3, 1.4, 1.15, and 8.4. After failing to distribute $5,000 to his client’s trust…